[RPPTL LandTen] Surety bond release for residential security deposit
ljsimon1 at comcast.net
ljsimon1 at comcast.net
Wed Jan 6 13:00:33 PST 2010
I have successfully used usury to get a landlord to settle litigation
and have convinced landlord clients to settle. Penalties are
onerous. I constantly struggle with clients on this. The late fee
should never be a % based on time.
I will look on my computer but it may not be recent enough.
Sent from my iPhone; sorry for any errors.
On Jan 6, 2010, at 3:49 PM, "Lloyd Granet" <lgranet at granetlaw.com>
wrote:
> I have been presented with the following fact pattern on behalf of a
> tenant. Lease provides
>
> A. if Tenant does not timely pay rent, delinquent amount
> accrues interest at the highest rate allowed by law.
>
> B. for a fee for burdens of dealing with late payment. The
> fee is calculated as 5% per month of the late amount.
>
>
> While I am used to seeing a processing fee which is a fixed number
> on top of specified interest rate, specifying the fee as percentage
> of rent owed is new to me.
>
>
> Two arguments jump out
>
> 1. if the fee is interest, it is usurious, as the fee by
> itself is 60% per annum
> 2. if the fee is not interest it is an unenforceable
> penalty. The fee can not be compensation for the time value of
> money as it is covered by the interest charge. Liquidated damages
> which are unrelated to the harm and disproportionate to the harm
> would be the classic penalty.
>
>
> Does anyone have any experience with this or know the law? Thank you.
>
>
> This email message was sent by:
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> ________________________________
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> From: landten-bounces at lists.flabarrpptl.org [mailto:landten-
> bounces at lists.flabarrpptl.org] On Behalf Of Neil B. Shoter
>
> Sent: Wednesday, December 23, 2009 3:53 PM
> To: RPPTL Landlord Tenant Committee
> Subject: [RPPTL LandTen] Surety bond release for residential
> security deposit
>
>
> Has anyone dealt with the release of a bond for residential
> security deposit under Section 83.49? This particular surety bond
> needs to be released but the release that was received includes a
> requirement that the State of Florida sign off on it, and no one
> seems to know which office or department of the State deals with
> these bonds. Any ideas???
>
>
>
>
> <http://www.shutts.com/shutts100.jpg> Neil B. Shoter
> Partner / LEED Accredited Professional
> ________________________________
>
> Shutts & Bowen LLP
> 1100 CityPlace Tower, 525 Okeechobee Boulevard | West Palm
> Beach, FL 33401
> Direct: (561) 650-8535 | Fax: (561) 822-5525
> E-Mail <mailto:NShoter at shutts.com> | Biography <http://www.shutts.com/index.cfm/fa/attorney.bio/atty/466a1d2b-4049-425b-af4b-a56f3cb8a441/Neil_B_Shoter.cfm/
> > | V-Card <http://www.shutts.com/index.cfm/fa/attorney.vcf/atty/466a1d2b-4049-425b-af4b-a56f3cb8a441/Neil_B_Shoter.cfm/
> > | Website <http://www.shutts.com/>
>
>
>
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