[RPPTL LandTen] Abandoned Property - Commercial lease

[Adam Reiss]

Daniel - Our experience with this is that the language in the lease deeming property abandoned avoids the requirement for a sale under the statutes (I understand there is case law on this from our outside counsel which acts as a waiver of a sale).  When a premises is abandoned, we conduct a UCC search and send out correspondence to the secured parties indicating the Tenant's abandonment giving them an opportunity to get the equipment prior to disposal or sale.  In certain instances with restaurant equipment that is of value to subsequent tenants, we grant the subsequent tenant the right to use the equipment with an indemnity back to Landlord if there is any future claim.   I haven't experienced any issues or exposure doing this over the last 10 years.


Adam J Reiss
Ross Realty Investments
Ross Matz Investments
3325 S University Drive Suite 210
Davie Fl 33328
954.452.5000 | x218
954.452.4700 fax
www.ross-realty.com



From: landten-bounces at lists.flabarrpptl.org [mailto:landten-bounces at lists.flabarrpptl.org] On Behalf Of Dariel Abrahamy
Sent: Tuesday, May 27, 2014 10:50 AM
To: landten at lists.flabarrpptl.org
Subject: [RPPTL LandTen] Abandoned Property - Commercial lease

Typical abandoned property scenario. I represent a commercial landlord. Tenant vacated and left a bunch of furniture and equipment. The lease contains a clause that any property left is deemed abandoned.  I am not concerned with the tenant's claims, but there are multiple UCCs filed (which all pre-date the lease) on the furniture and equipment.

I plan on doing the notice of abandoned property sale per 715.104 and 715.109.  If nobody bids, then what happens to the property? Does my client bid $1 and own the property subject to the UCCs? If a third party bids, I assume it's subject to the UCCs. Why would a third party bid then?

Is there any other way to get rid of this stuff without exposure to liability?



[cid:image001.jpg at 01CF7A59.C2453FF0]
Dariel J. Abrahamy, Esq.
Shareholder
100 W. Cypress Creek Road, Suite 700
Fort Lauderdale, FL 33309
P: 954-491-1120; F: 954-343-6972
Dariel.Abrahamy at gmlaw.com<mailto:Dariel.Abrahamy at gmlaw.com>




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