Ocean Bank v. Save Import & Export, Inc.

This is an appeal from an order denying Ocean Bank’s motion to set aside a final judgment of forfeiture on the grounds that it was void where the bank had not been served with process pursuant to the Forfeiture Statute, section 932.704, Florida Statutes (1997).1

At oral argument both parties correctly agreed that Ocean Bank had a perfected security interest in the Save Import CD which was pledged as collateral for the letter of credit by virtue of the bank’s possession of the CD.2 Thus, with regard to that interest, pursuant to statute, the state was required to serve Ocean Bank with a copy of…