Florida Statute 701.03 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XL
REAL AND PERSONAL PROPERTY

Chapter 701
ASSIGNMENT AND CANCELLATION OF MORTGAGES

View Entire Chapter

F.S. 701.03

701.03 Cancellation.—

(1) Whenever the amount of money due under a promissory note secured by a mortgage is fully paid, the mortgagee or assignee shall within 45 days after satisfaction of the mortgage thereafter cancel the mortgage in the manner provided by law, unless the mortgage is an open-end mortgage.

(2) A mortgage that is an open-end mortgage as provided in the loan agreement may be canceled upon written notice from the borrower of the intent to close the mortgage. The mortgagee or assignee shall cancel the open-end mortgage within 45 days after receiving the notice. This subsection does not apply to an open-end mortgage existing before July 1, 2016, if the loan agreement contained procedures for canceling the mortgage.

History.—RS 1986; GS 2499; RGS 3842; CGL 5745; s. 171, ch. 73-333; s. 4, ch. 2016-53.

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Amendments to 701.03

Annotations, Discussions, Cases:

Cases Citing Statute 701.03

Total Results: 9

Novak v. Callahan (In Re GAC Corp.)

6 B.R. 981, 1980 U.S. Dist. LEXIS 16735

District Court, S.D. Florida | Filed: Sep 23, 1980 | Docket: 1090800

Cited 11 times | Published

(see Vol. 1A Colliers Bankruptcy Manual, 2nd Ed. § 701.03). Section 196 permits the Bankruptcy Judge to

JP Morgan Chase v. New Millennial, LC

6 So. 3d 681, 2009 Fla. App. LEXIS 2221, 2009 WL 691187

District Court of Appeal of Florida | Filed: Mar 18, 2009 | Docket: 1665528

Cited 5 times | Published

purchased by a third party?;[4] and (2) Given that section 701.03 requires that the mortgagee cancel a fully

Cunningham v. Fleetwood Homes of Georgia, Inc.

253 F.3d 611, 2001 U.S. App. LEXIS 11759, 2001 WL 618262

Court of Appeals for the Eleventh Circuit | Filed: Jun 6, 2001 | Docket: 396844

Cited 5 times | Published

pursuant to Magnuson-Moss are codified at 16 C.F.R. § 701.3, and obligate warrantors to “clearly and conspicuously

Larrain v. Bengal Motor Co. Ltd.

976 So. 2d 12, 2008 WL 183495

District Court of Appeal of Florida | Filed: Jan 23, 2008 | Docket: 1680725

Cited 1 times | Published

compliance with part 703 of this subchapter." 16 C.F.R. § 701.3(a)(6) (2005). The disclosure requirements set forth

Travelers Property Casualty Company of America v. Ocean Reef Charters LLC

Court of Appeals for the Eleventh Circuit | Filed: Jun 23, 2023 | Docket: 66655398

Published

Argued: Dec 16, 2022

also 4 Weinstein’s Fed- eral Evidence § 701.03[1] (2023) (“Regardless of the degree to which

Les Krol v. FCA US, LLC

Supreme Court of Florida | Filed: Feb 18, 2021 | Docket: 59299020

Published

known as “the single document rule.” 16 C.F.R. § 701.3. That rule lists nine specific warranty-related

Krol v. FCA US, LLC

273 So. 3d 198

District Court of Appeal of Florida | Filed: May 10, 2019 | Docket: 64716076

Published

compliance with part 703 of this subchapter." 16 C.F.R. § 701.3(a)(6) (2015). The FTC has also established what

Krol v. FCA US, LLC

273 So. 3d 198

District Court of Appeal of Florida | Filed: May 10, 2019 | Docket: 64716075

Published

compliance with part 703 of this subchapter." 16 C.F.R. § 701.3(a)(6) (2015). The FTC has also established what

Gary R. Cunningham v. Fleetwood Homes of GA

253 F.3d 611

Court of Appeals for the Eleventh Circuit | Filed: Jun 6, 2001 | Docket: 396845

Published

pursuant to Magnuson- Moss are codified at 16 C.F.R. § 701.3, and obligate warrantors to “clearly and conspicuously