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CHAPPARAL PARTNERS EX REL. FST. INTERSTATE BK. OF CAL. v. STATE

No. 94-1100.

662 So.2d 727 (1995)

CHAPPARAL PARTNERS, a Florida General Partnership, By and Through FIRST INTERSTATE BANK OF CALIFORNIA as Trustee for Trust Number 7413127, a general partner, Appellant, v. STATE of Florida, DEPARTMENT OF REVENUE, Appellee.

District Court of Appeal of Florida, First District.

Rehearing Denied November 28, 1995.

Attorney(s) appearing for the Case

Tracy S. Carlin, Steven A. Werber, and Mitchell W. Legler, of Foley & Lardner, Jacksonville, for Appellant.

Robert A. Butterworth, Attorney General, Lealand L. McCharen and Mark T. Aliff, Assistant Attorneys General, Tallahassee, for Appellee.

BARFIELD, Judge.

The appellant, Chapparal Partners, is a general partnership composed of Congden Properties, Inc. and First Interstate Bank of California as trustee for Trust Number 7413127. First Interstate Bank held defaulted notes and mortgages on two properties in Jacksonville, Florida, which were worth substantially less than the amount of indebtedness due on the notes. The borrowers conveyed the properties to the appellant. For reasons not entirely clear from...

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