Rapid Surplus Refund LLC v. Ryan & Rick, LLC
The trial court awarded post-foreclosure-sale surplus funds to a mortgagee whose mortgage was recorded first (with a lower instrument number) than the foreclosing plaintiff's mortgage. The Fourth DCA reversed, holding that a senior lienholder is not a 'subordinate lienholder' under section 45.032(1)(b) and thus has no right to surplus proceeds; the assignee of the owner of record on the date of the lis pendens was entitled to the surplus as a matter of law.
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