Petland Sarasota Lawsuit

law

The Pet Land Sarasota lawsuit is a legal case filed by an attorney named Gerald Price. Mr. Price is challenging the Deeds of Trust for the Pet Land Sarasota Corporation with regard to the purchase of Petland Sarasota land. On July 9th, the court ordered the corporation and Trust to repay Mr. Price’s lawyer fees and legal costs incurred in the lawsuit. The judge called the arrangement between the two parties a ‘contingent trust’.

Petland Sarasota Lawsuit

On October 7th, the Trust finally responded to the lawsuit by filing a reply. The corporation argues that their agreement with Mr. Price did not require him to disclose any possible deference to the financial interest of the Trust. They also said that Mr. Price’s lawsuit was brought about by an improper attempt to gain control of the Petland Company. They claimed that the lawsuit was brought as an effort to intimidate them into withdrawing a proposed purchase of a parcel of land.

The complaint lays out a number of points of contention between the parties. One of the issues is that Mr. Price did not have the required express written permission of the Trustee prior to purchasing the property. This could be a violation of Florida law, since the law requires that the buyer must first get the express written consent of the buyer/borrower.

Another issue centers around whether or not the Petland Sarasota properties are liable. Specifically, they argue that they are immune from liens.

They maintained that the only way that they would lose the property is if the deed of trust was violated. However, the judge disagreed and ruled that it is always a trustee’s duty to consider the interests of the beneficiaries of the deed. The judge added that he will uphold the original decision of foreclosure, which is to award possession to the bank.

Currently the situation is still in an inactive status.

There is no timeline set for the lawsuit to go to trial. If the suit proceeds then it is unlikely that any judgments will be handed down to the defendant. If this was the intention of the lawsuit all along then this would have been the desired result.

Hopefully the defendant will consider appealing this decision and have the case dismissed. In any event this is a big case and one that will be worth watching closely. It will be interesting to see if the outcome of this appeal affects the value of the property in question. We will keep you updated as this case unfolds.

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