05-2756 MAQUEZ V. PANAMERICAN BANK

SUPREME COURT CASES

Laws-info.com » Cases » Florida » Florida Third District Court » 2006 » 05-2756 MAQUEZ V. PANAMERICAN BANK

State: Florida

Court: Florida Third District Court

Docket No: 05-2756 MAQUEZ V. PANAMERICAN BANK

Case Date: 11/29/2006

Preview:NOT FINAL UNTIL TIME EXPIRES TO FILE REHEARING MOTION AND, IF FILED, DISPOSED OF.

IN THE DISTRICT COURT OF APPEAL OF FLORIDA THIRD DISTRICT JULY TERM, A.D. 2006

FAUSTO MARQUEZ, etc., Appellants, vs. PANAMERICAN BANK, Appellee.

** ** ** ** ** ** LOWER TRIBUNAL NO. 03-24116 CASE NO. 3D05-2756 3D05-3667

Opinion filed November 29, 2006. An Appeal from the Circuit Court for Miami-Dade County, Ronald C. Dresnick, Judge. Duane Morris LLP, and Lida Rodriguez-Taseff, and Scott R. Jablonski, for appellants. Greenberg Traurig, P.A., and Stephen A. Geoffrey M. Cahen (Boca Raton), for appellee. Mendelsohn, and

Before GERSTEN, GREEN, and RAMIREZ, JJ. GREEN, J. The Marquez Group appeals from the dismissal with prejudice of two counts that it had brought against PanAmerican Bank, one for a creditor action pursuant to section 655.417, Florida

Statute (1997), and the other for Tortious Interference with an Advantageous Business Relationship. We affirm.

According to the well-pled allegations, which we accept as true, in 2001, Gulf Bank, a struggling banking institution,

entered into an agreed cease and desist order that obligated the bank to submit to oversight by the Florida Division of Banking and to raise its capital reserves. The bank eventually

determined that the only way that it could abide by the order was to sell substantially all of its assets. In December 2002, Gulf Bank solicited offers of purchase. The Marquez Group submitted an offer, as did PanAmerican Bank. Negotiations between Gulf Bank and PanAmerican Bank terminated in May 2003. In June 2003, Gulf Bank advised the Florida

Division of Banking that, pending regulatory approval and proper financing, it had reached an agreement for sale with the Marquez Group. That summer, without notice to the Marquez Group, Gulf

Bank invited PanAmerican Bank to submit a new offer to purchase Gulf Bank's assets. The new offer submitted by PanAmerican Bank

was accepted, and in February 2004, PanAmerican Bank closed on its acquisition of Gulf Bank. In its second amended complaint the Marquez Group attempted to hold PanAmerican Bank liable, pursuant to section 655.417(3),

2

Florida Statutes, for Gulf Bank's alleged breach of contract. 1 Under this statute, a financial institution that purchases a bank is responsible for the existing liabilities of the bank it purchased. finding action. The trial court dismissed this count with prejudice the Marquez Group failed to state a cause of

that

We agree.

Section 655.417(3) applies to creditors who had existing claims against the purchased bank prior to the bank being sold. The alleged breach in this case was the sale of the bank and thus by its very nature could not have existed prior to

PanAmerican Bank's purchase of Gulf Bank.

Accordingly, section

655.417(3) does not apply, and we therefore affirm the dismissal of this count. In its third amended complaint, the Marquez Group alleged that PanAmerican Bank tortuously interfered with its business
1

This statute provides that where a bank acquires substantially all of the assets of a selling bank that: The resulting financial entity in a merger, consolidation, conversion, or acquisition is liable for all obligations of the participating or converting financial entity which existed prior to such action; and the action does not prejudice the right of a creditor of the participating or converting financial entity to have his or her debts paid out of the assets thereof, nor may such creditor be deprived of, or prejudiced in, any action against the officers, directors, members, or other persons participating or converting financial entity for any neglect or misconduct.

Download 05-2756 MAQUEZ V. PANAMERICAN BANK.pdf