Albert v. Applegate v. Barnett Bank Tallahassee

By petition for writ of certiorari we have for review the decision of the district court of appeal in Barnett Bank of Tallahassee v. Applegate, -- - So.2d -- (Fla. 1st DCA 1978), which directly conflicts with Okun v. Stuart House Condominium Association, Inc., 362 So.2d 713 (Fla. 3d DCA 1978); Moore v. Sky Realty, Inc., 339 So.2d 299 (Fla. 3d DCA 1976); Steinhauer v. Steinhauer, 336 So.2d 665 (Fla. 4th DCA 1976); Buckalew v. Buckalew, 115 So.2d 564 (Fla. 2d DCA 1959); and Bolick v. Sperry, 88 So.2d 495 (Fla.1956). We have jurisdiction. Art. V, § 3(b)(3), Fla.Const. On January 26, 1974, Albert V. and Phyllis J. Applegate entered into an agreement with Lewis C. Schacht. Among other things, the agreement provided for the installment sale of 550 head of cattle to Schacht. The Applegates filed suit against Schacht on February 20, 1976. The Barnett Bank of Tallahassee was joined as a defendant due to its December 28, 1975, security agreement with Schacht and related UCC financing statement. In late April, 1976, after the filing of the suit, Schacht sold at least 140 of the cattle and paid Barnett Bank the sale proceeds of $16,233.36 and $6,496.75.