Opinion ID: 75550
Heading Depth: 3
Heading Rank: 4

Heading: Granting of Partial Summary Judgment on the Claims

Text: 28 Thereafter, plaintiffs and defendants cross-moved for partial summary judgment. Corpofin argued three theories in support of its motion for partial summary judgment: that defendants had converted Corpofin's ownership interest in First Bancorp, Eastern Overseas, and ENB; that defendants had wrongfully transferred the stock of those corporations in violation of Fla. Stat. Ann. § 678.315, which entitles any person against whom the transfer of a security is wrongful for any reason . . . [to] reclaim possession of the certificated security; and, that defendants had defrauded creditors, in violation of Florida's fraudulent transfer statute, Fla. Stat. § 726.105. 29 The district court granted summary judgement in favor of Corpofin on its conversion and reclamation of shares claims. 6 In doing so it concluded that there was no genuine issue of material fact about the defendants' liability to Corpofin for conversion of the stock of First Bancorp, Eastern Overseas and ENB. 7 That conversion, the court ruled, was wrongful as that term is used under the reclamation of shares statute. Accordingly, pursuant to Fla. Stat. § 678.315, the court ordered that the stock of First Bancorp be returned to Corpofin; the stock of Eastern Overseas be returned to First Bancorp; and the stock of ENB be returned to First Bancorp and Eastern Overseas. Thereafter, acting under Fed.R.Civ.P. 54(b), the court expressly directed the entry of partial final judgment for Corpofin providing relief on those two claims and certifying there was no just reason for delay. Defendants filed a notice of appeal from the resulting partial final judgment as to those claims.