(Reuters) – General Electric Co will pay a $1.5 billion civil fine to resolve a long-running. The law has a 10-year statute of limitations. GE’s shares were down 0.9 percent at $9.04 in afternoon.
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A year after the original dismissal, as part of a cross-claim in another foreclosure proceeding, Mr. bartram sought a declaratory judgment to cancel the mortgage and quiet title to the property. 10 Mr. Bartram asserted that the applicable five-year statute of limitations, set forth in F.S. 95.11(2)(c), barred the lender from bringing another.
Two recent cases, from separate Florida District Courts of Appeal, raise the specter of yet another unfortunate outcome for lenders: dismissal of their entire action on statute of limitations. 6.
The Florida 5-year Statute of limitation rule is complex; however, Florida Supreme Court has finally articulated its position on this issue yesterday by releasing the long-awaited Bartram opinion confirming that the statute of limitations does not apply to foreclosures – but with a very a thin silver lining.
(Reuters) – General Electric Co will pay a $1.5 billion (£1.2 billion. The law has a 10-year statute of limitations. GE’s shares were down 0.9 percent at $9.04 in afternoon trading on Friday. In.
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Ina second lawsuit, Bartram claimed the bank’s right to enforce was barred by the statute of limitations stated in Florida Statutes, 95.11 (2) (c), which imposes a five-year limit on any lawsuit to foreclose a mortgage. The bank argued that the dismissal of the prior case effectively reset the clock for the bank to file a new lawsuit.
In Bartram v. U.S. Bank, N.A., Fl. Sup. Ct. Case No. SC14-1265 (Fla. Nov. 3, 2016), the Court ruled that the statute of limitations does not bar a lender from filing a new foreclosure action after dismissal of a prior foreclosure action, as long as there was a default within the preceding five years.
Bartram makes clear that, upon dismissal, the parties are simply returned to their pre-foreclosure relationship, in which the borrower is given an opportunity to continue making their monthly payments, and the lender retains the right to file a new foreclosure action based on any default occurring within the statute of limitations.