Florida Statutes
Fla. Stat. § 701.03 (2025)
Cancellation.
✓ 2025 Florida Statutes — current through the 2025 Regular Session
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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.
Notes of Decisions
Cited in 2
cases, 1980–2009 · leading case: JP Morgan Chase v. New Millennial, LC, 6 So. 3d 681 (Fla. 2d DCA 2009).
JP Morgan Chase v. New Millennial, LC, 6 So. 3d 681 (Fla. 2d DCA 2009). “The computer printouts faxed by AmSouth to the closing agent pursuant to a telephone inquiry were, at best, a red flag that raised the questions: (1) Did the printouts mean that the mortgages and notes were satisfied two years prior or were the notes “closed out” because they…”
Novak v. Callahan (In Re GAC Corp.), 6 B.R. 981 (S.D. Fla. 1980). “§ 701.03). Section 196 permits the Bankruptcy Judge to prescribe the manner and fix a time within which creditors’ proofs of claim shall be filed.”
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