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COURT CLARIFIES REQUIREMENTS FOR PROVING SATISFACTION OF CONDITIONS PRECEDENT & EXPLAINS NEGATIVE AMORTIZATION DOES NOT DESTROY NEGOTIABILITY OF NOTE - Diaz Anselmo Lindberg P.A.
The Second DCA recently issued an opinion wherein it agreed with its sister court that a note containing a negative amortization provision is still a negotiable instrument as defined by Florida Statute § 673.104(1) Stacknik v. U.S. Bank Nat’l Ass’n as Tr., MASTR Adjustable Rate Mortgages Tr. 2007-3 Mortgage Pass-Through Certificates, Series 2007-3. In Stacknik, the borrower …