Bay Holdings, Inc. v. 2000 Island Boulevard Condo. Ass'n

Bay Holdings, Inc., a wholly-owned subsidiary of Bank United FSB, appeals an adverse judgment below holding that it does not come under the safe harbor provision of section 718.116(1) of the Florida Statutes. Bay Holdings was the subsequent assignee of a final judgment of foreclosure obtained by Bank United, after Bank United became the foreclosing first mortgagee on a condominium unit in Miami-Dade County, Florida. Section 718.116(1) provides a statutory cap on liability of foreclosing mortgagees for unpaid condominium assessments that become due prior to the first mortgagee’s acquisition of…