663.173 Qualified financial contract; net obligation and net entitlement. - Florida Statutes

663.173 Qualified financial contract; net obligation and net entitlement.

A party to a qualified financial contract with an international banking corporation, possession of which has been taken by the office pursuant to s. 663.17, which party has a perfected security interest in collateral or other valid lien or security interest in collateral enforceable against third parties pursuant to a security arrangement related to such qualified financial contract, may retain all such collateral and, upon repudiation or termination of such qualified financial contract in accordance with the terms of the contract, may apply such collateral in satisfaction of any claims secured by the collateral provided the total amount so applied to such claims shall in no event exceed the global net payment obligation, if any.

History. s. 4, ch. 97-109; s. 1836, ch. 2003-261.