Space Coast Credit Union v. Day
A third-party high bidder at a foreclosure sale posted the 5% deposit required by section 45.031(3) but failed to make final payment; the trial court ordered the clerk to refund the entire deposit. The Third District reversed, holding the statute's plain language requires the clerk to readvertise the sale, pay all costs of the sale from the deposit, and apply any remainder to the judgment.
Key facts
- Space Coast Credit Union sought to foreclose on a property; Day was the third-party high bidder at the foreclosure sale.
- Day posted the required 5% deposit but failed to make final payment within the prescribed period; the trial court ordered the clerk to refund Day's entire deposit.
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Why it matters
This gives foreclosure counsel a clean, citable rule that a defaulting third-party bidder forfeits the 5% deposit to sale costs and the judgment, and that trial courts lack discretion to order a full refund. It also… — full analysis with a trial
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