Associates Commercial Corporation v. Sel-O-Rak Corporation

The question presented in this appeal is whether under Florida law the filing of a financing statement perfects a security interest even though documentary tax stamps have not been placed on the security agreement and loan documents covered by the financing statement. The district court determined that the security interest is perfected. We agree, and affirm.

I

Associates Commercial Corporation (Associates) was the primary lender to Sel-O-Rak Corporation (Sel-O-Rak), providing both a line of credit and an equipment loan. Sel-O-Rak granted Associates a security interest in all of its accounts…