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

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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.

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 | Sort by: Relevance | Newest First

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Novak v. Callahan (In Re GAC Corp.), 6 B.R. 981 (S.D. Fla. 1980).

Cited 11 times | Published | District Court, S.D. Florida | 1980 U.S. Dist. LEXIS 16735

...It is also asserted that under Rule 10-701 Part VII of the Bankruptcy Rules (Rule 723 applies, F.R.C.P. 23) are incorporated in an adversary proceeding. But there is nothing in the record below to suggest that an adversary proceeding was assertable (see Vol. 1A Colliers Bankruptcy Manual, 2nd Ed. § 701.03)....

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JP Morgan Chase v. New Millennial, LC, 6 So. 3d 681 (Fla. 2d DCA 2009).

Cited 5 times | Published | Florida 2nd District Court of Appeal | 2009 Fla. App. LEXIS 2221, 2009 WL 691187

...hat 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 and the mortgages were transferred to or purchased by a third party?; [4] and (2) Given that section 701.03 requires that the mortgagee cancel a fully paid mortgage "within 60 days" of payment, why was there no satisfaction of the mortgages on record two years after the debt was allegedly *688 satisfied? Thus, the printout screens obtained b...

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Cunningham v. Fleetwood Homes of Georgia, Inc., 253 F.3d 611 (11th Cir. 2001).

Cited 5 times | Published | Court of Appeals for the Eleventh Circuit | 2001 U.S. App. LEXIS 11759, 2001 WL 618262

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

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Larrain v. Bengal Motor Co. Ltd., 976 So. 2d 12 (Fla. 3d DCA 2008).

Cited 1 times | Published | Florida 3rd District Court of Appeal | 2008 WL 183495

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

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Krol v. Fca Us, LLC, 273 So. 3d 198 (Fla. 5th DCA 2019).

Published | Florida 5th District Court of Appeal

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

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Krol v. Fca Us, LLC, 273 So. 3d 198 (Fla. 5th DCA 2019).

Published | Florida 5th District Court of Appeal

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

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Gary R. Cunningham v. Fleetwood Homes of GA, 253 F.3d 611 (11th Cir. 2001).

Published | Court of Appeals for the Eleventh Circuit

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

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Travelers Prop. Cas. Co. of Am. v. Ocean Reef Charters LLC (11th Cir. 2023).

Published | Court of Appeals for the Eleventh Circuit

Argued: Dec 16, 2022

...See Henderson, 409 F.3d at 1300. But a hypothesis about causation is outside a lay wit- ness’s competency, even if the lay witness happens to have the ex- pertise to draw such conclusions. 9 See id.; see also 4 Weinstein’s Fed- eral Evidence § 701.03[1] (2023) (“Regardless of the degree to which 9 There is some gray area between lay and expert testimony when the lay wit- ness has expertise and used that expertise to make first-hand observations....

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Les Krol v. Fca Us, LLC (Fla. 2021).

Published | Supreme Court of Florida

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

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