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Florida Statute 679.1031 - Full Text and Legal Analysis
Florida Statute 679.1031 | Lawyer Caselaw & Research
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F.S. 679.1031 Case Law from Google Scholar Google Search for Amendments to 679.1031

The 2025 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS
Chapter 679
UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS
View Entire Chapter
F.S. 679.1031
679.1031 Purchase-money security interest; application of payments; burden of establishing.
(1) In this section, the term:
(a) “Purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral.
(b) “Purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to enable the debtor to acquire rights in or the use of the collateral if the value is in fact so used.
(2) A security interest in goods is a purchase-money security interest:
(a) To the extent that the goods are purchase-money collateral with respect to that security interest;
(b) If the security interest is in inventory that is or was purchase-money collateral, also to the extent that the security interest secures a purchase-money obligation incurred with respect to other inventory in which the secured party holds or held a purchase-money security interest; and
(c) Also to the extent that the security interest secures a purchase-money obligation incurred with respect to software in which the secured party holds or held a purchase-money security interest.
(3) A security interest in software is a purchase-money security interest to the extent that the security interest also secures a purchase-money obligation incurred with respect to goods in which the secured party holds or held a purchase-money security interest if:
(a) The debtor acquired interest in the software in an integrated transaction in which the debtor acquired an interest in the goods; and
(b) The debtor acquired interest in the software for the principal purpose of using the software in the goods.
(4) The security interest of a consignor in goods that are the subject of a consignment is a purchase-money security interest in inventory.
(5) If the extent to which a security interest is a purchase-money security interest depends on the application of a payment to a particular obligation, the payment must be applied:
(a) In accordance with any reasonable method of application to which the parties agree;
(b) In the absence of the parties’ agreement to a reasonable method, in accordance with any intention of the obligor manifested at or before the time of payment; or
(c) In the absence of an agreement to a reasonable method and a timely manifestation of the obligor’s intention, in the following order:
1. To obligations that are not secured; and
2. If more than one obligation is secured, to obligations secured by purchase-money security interests in the order in which those obligations were incurred.
(6) A purchase-money security interest does not lose its status as such, even if:
(a) The purchase-money collateral also secures an obligation that is not a purchase-money obligation;
(b) Collateral that is not purchase-money collateral also secures the purchase-money obligation; or
(c) The purchase-money obligation has been renewed, refinanced, consolidated, or restructured.
(7) A secured party claiming a purchase-money security interest has the burden of establishing the extent to which the security interest is a purchase-money security interest.
History.s. 1, ch. 2001-198.

F.S. 679.1031 on Google Scholar

F.S. 679.1031 on CourtListener

Amendments to 679.1031


Annotations, Discussions, Cases:

Cases Citing Statute 679.1031

Total Results: 5

In Re Blakeslee

377 B.R. 724, 58 Collier Bankr. Cas. 2d 1409, 21 Fla. L. Weekly Fed. B 124, 2007 Bankr. LEXIS 3658, 2007 WL 3133937

United States Bankruptcy Court, M.D. Florida | Filed: Sep 19, 2007 | Docket: 2518542

Cited 20 times | Published

352 B.R. 340, 346 (Bankr.M.D.Ga. 2006).[1] Section 679.1031 of the Florida Statutes provides in relevant

In Re Schwalm

380 B.R. 630, 64 U.C.C. Rep. Serv. 2d (West) 855, 21 Fla. L. Weekly Fed. B 221, 59 Collier Bankr. Cas. 2d 365, 2008 Bankr. LEXIS 121, 2008 WL 162933

United States Bankruptcy Court, M.D. Florida | Filed: Jan 16, 2008 | Docket: 1737962

Cited 12 times | Published

9-103 of the UCC, codified in this state as Section 679.1031, Florida Statutes. See e.g., In re Blakeslee

In Re Honcoop

377 B.R. 719, 21 Fla. L. Weekly Fed. B 123, 2007 Bankr. LEXIS 3656, 2007 WL 3133936

United States Bankruptcy Court, M.D. Florida | Filed: Sep 19, 2007 | Docket: 1637280

Cited 7 times | Published

Murray, 352 B.R. 340, 346 (Bankr.M.D.Ga. 2006). Section 679.1031 of the Florida Statutes provides in relevant

Rebecca J. Covey, Pa v. Am. Import Car

944 So. 2d 1202, 2006 WL 3733834

District Court of Appeal of Florida | Filed: Dec 20, 2006 | Docket: 1155695

Cited 2 times | Published

instante to the buyer's acquisition of goods. See § 679.1031(1)(b), Fla. Stat. (2006) ("`Purchase-money obligation'

Dickason v. Marine National Bank of Naples, N.A.

898 So. 2d 1170, 57 U.C.C. Rep. Serv. 2d (West) 127, 2005 Fla. App. LEXIS 4623, 2005 WL 762905

District Court of Appeal of Florida | Filed: Apr 6, 2005 | Docket: 64837464

Published

purchase-money security interest in inventory.” § 679.1031(4). The Bank correctly points out that the Consignor’s