Keybank National Ass'n v. Knuth Ltd.

This is an appeal of a non-final order which denied a motion to appoint a receiver. We conclude that the motion should have been granted and remand for further proceedings.

KeyBank National Association (“the lender”) made a mortgage loan on property in Key West, Florida, owned by Knuth, Ltd., Scott M. Sutter, and The Scott Sut-ter Trust U/A 11/18/03 (“the borrowers”). The borrowers have defaulted and the outstanding principal and interest is approximately $2 million.

The property consists of rental units. In January, 2009, the trial court entered an order enforcing the assignment of rents…