679.3151

Secured party’s rights on disposition of collateral and in proceeds.

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679.3151 Secured party’s rights on disposition of collateral and in proceeds.—

(1) Except as otherwise provided in this chapter and in s. 672.403(2):

(a) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and

(b) A security interest attaches to any identifiable proceeds of collateral.

(2) Proceeds that are commingled with other property are identifiable proceeds:

(a) If the proceeds are goods, to the extent provided by s. 679.336; and

(b) If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this chapter with respect to commingled property of the type involved.

(3) A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.

(4) A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless:

(a) The following conditions are satisfied:

1. A filed financing statement covers the original collateral;

2. The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and

3. The proceeds are not acquired with cash proceeds;

(b) The proceeds are identifiable cash proceeds; or

(c) The security interest in the proceeds is perfected other than under subsection (3) when the security interest attaches to the proceeds or within 20 days thereafter.

(5) If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under paragraph (4)(a) becomes unperfected at the later of:

(a) When the effectiveness of the filed financing statement lapses under s. 679.515 or is terminated under s. 679.513; or

(b) The 21st day after the security interest attaches to the proceeds.

History.—s. 3, ch. 2001-198.

Notes of Decisions

Cited in 11 cases (1 in the last 5 years), 2002–2022 · leading case: In Re Royal West Properties, Inc.

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In Re Royal West Properties, Inc. (2010) flsb · cites it 23× “” Fla. Stat. Ann. § 679.3151 (l)(a) (West 2010) (emphasis added).”

Amegy Bank National Ass'n v. Deutsche Bank Corp. (2013) flmd · cites it 8× “§ 9-315(a)(2); Fla. Stat. § 679.3151 (1). 5 Relying on this provision, Amegy argues that the Eleventh Circuit has recognized its right to bring a conversion claim when collateral has been disposed of or transferred to another party.”

In Re Delco Oil, Inc. (2007) flmb · cites it 2× “Florida Statutes, Section 679.3151 addresses the secured party’s rights on disposition of collateral and in proceeds.”

Beach Community Bank v. Disposal Services, LLC (2016) fladistctapp · cites it 2× “Beach contends that the trial court erred in interpreting section 679.3151, Florida Statutes, to, preclude a claim for conversion where replevin is still an available remedy.”

Barbee, as Liquidating Trustee v. Amerant Bank, National Association (2020) flsb · cites it 10× “130 If the original security interest was perfected (there has been no allegation that it was not),131 then under UCC § 9-315(c), 130 Fla. Stat. § 679.3151 (1)(b). 131 See Compl.”

AGV Partners, Inc. (2022) flmb · cites it 6× “40 § 679.3151(1)(b), Fla. Stat. 41 § 679.1021(lll)(5), Fla.”

Crews v. TD Bank, N.A. (In re Crews) (2012) flmb · cites it 6× “Plaintiffs nevertheless argue that they are entitled to avoid the subject equitable lien in the fire insurance proceeds because any automatic perfection in the insurance proceeds that stemmed from the destruction of the collateral would have lapsed after 21 days in accordance…”

Cluster 249 · cites it 2× “See Fla. Stat. § 679.3151 (l)(b) and (3) (“A security interest attaches to any identifiable proceeds of collateral” and that security interest in the proceeds is deemed perfected “if the security interest in the original collateral was perfected.”

In re Tuscany Energy, LLC (2016) flsb “See Florida Statutes § 679.3151(3). As of the Petition Date, the Firm had a perfected security interest in the Pre-Petition Retainer.”

Marathon Petroleum Co. v. Aaron R. Cohen (2010) ca11 “” Fla. Stat. § 679.3151 (1)(b) and (3). No one disputes CapitalSource had a perfected security interest in all of Debtor’s personal property.”

In re Cypress Foods, Inc. (2002) flmb “1091 , which provides in Subelause (3)(h) that: (3) This chapter does not apply to the extent that: (h) A transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care insurance…”

— 679.3151(1)(b) — 1 case

AGV Partners, Inc. (2022) flmb “40 § 679.3151(1)(b), Fla. Stat. 41 § 679.1021(lll)(5), Fla.”

— 679.3151(3) — 4 cases

In Re Delco Oil, Inc. (2007) flmb “Florida Statutes, Section 679.3151 addresses the secured party’s rights on disposition of collateral and in proceeds.”

Barbee, as Liquidating Trustee v. Amerant Bank, National Association (2020) flsb “130 If the original security interest was perfected (there has been no allegation that it was not),131 then under UCC § 9-315(c), 130 Fla. Stat. § 679.3151 (1)(b). 131 See Compl.”

In re Tuscany Energy, LLC (2016) flsb “See Florida Statutes § 679.3151(3). As of the Petition Date, the Firm had a perfected security interest in the Pre-Petition Retainer.”

AGV Partners, Inc. (2022) flmb “40 § 679.3151(1)(b), Fla. Stat. 41 § 679.1021(lll)(5), Fla.”

— 679.3151(4) — 2 cases

In Re Royal West Properties, Inc. (2010) flsb “” Fla. Stat. Ann. § 679.3151 (l)(a) (West 2010) (emphasis added).”

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