Opinion
Case No.: 00-31318-BKC-SHF, Adv. No.: 02-3304-BKC-SHF-A
July 8, 2003
ORDER GRANTING PLAINTIFF'S MOTION FOR SUMMARY JUDGMENT AND DENYING DEFENDANT'S MOTION FOR SUMMARY JUDGMENT
THIS CAUSE came on to be heard on July 1, 2003 upon both the Plaintiffs Motion for Summary Judgment, filed by Victor Verola (the "Debtor"), and the Defendant's Motion for Summary Judgment, filed by Bruce Colton ("Colton"). On January 15, 2003, the Debtor filed his Motion for Summary Judgment. Thereafter, on February 18, 2003, Colton filed Defendant's Response to Plaintiffs Motion for Summary Judgment (the "Defendant's Response"). On March 4, 2003, the Debtor filed Plaintiffs Reply to Defendant's Response to Plaintiffs Motion for Summary Judgment in Support of Granting its Motion for Summary Judgment (the "Plaintiffs Reply"). Subsequently, on April 2, 2003, Colton filed Defendant's Motion for Summary Judgment. Having carefully reviewed both motions for summary judgment, the Defendant's Response, and the Plaintiffs Reply, and for the reasons discussed below, the Plaintiffs Motion for Summary Judgment is granted and the Defendant's Motion for Summary Judgment is denied.
On March 28, 2000, the Debtor filed a voluntary Chapter 7 petition. Subsequently, on December 6, 2000, the Debtor received his discharge. Thereafter, on October 17, 2002, the above captioned adversary proceeding was commenced with the Debtor's filing of the Complaint to Determine Dischargeability of Debt Pursuant to 11 U.S.C. § 523 (a)(7). On January 15, 2003, the Debtor filed his Motion for Summary Judgment stating that there is no genuine issue of any material fact and claiming that the Debtor is entitled to summary judgment as a matter of law because the debt in the restitution order does not constitute a fine, penalty, or forfeiture payable to and for the benefit of a governmental unit and is compensation for actual pecuniary loss. Accordingly, the Debtor asserts that the debt arising under the restitution order is dischargeable. On the other hand, on April 3, 2003, Colton filed his Motion for Summary Judgment also stating that there is no genuine issue of any material fact but claiming that Colton is entitled to summary judgment as a matter of law because the debt delineated in the restitution order is a fine, penalty, or forfeiture payable to and for the benefit of a governmental unit and does not constitute compensation for actual pecuniary loss. Thus, Colton contends that the debt is non-dischargeable pursuant to 11 U.S.C. § 523 (a)(7).
This Court has jurisdiction over this adversary proceeding pursuant to 28 U.S.C. § 1334, 157(b)(1) and 157(b)(2)(I). This is a core matter in accordance with 28 U.S.C. § 157 (b)(2)(I).
Federal Rule of Civil Procedure 56(c), made applicable to bankruptcy proceedings by Federal Rule of Bankruptcy Procedure 7056, provides that "the judgment sought shall be rendered forthwith if the pleadings, depositions, answers to interrogatories, and admissions on file, together with the affidavits, if any, show that there is no genuine issue as to any material fact and that the moving party is entitled to judgment as a matter of law." F.R.Civ.P. 56(c); see also Celotex Corp. v. Catrett, 477 U.S. 317, 322 (1986); Anderson v. Liberty Lobby, Inc., 477 U.S. 242, 247-8 (1986), Rice v. Braniger Org., Inc., 922 F.2d 788 (11th Cir. 1991); In re Pierre, 198 B.R. 389 (Bankr. S.D. Fla. 1996). Rule 56 is based upon the principle that if the court is made aware of the absence of genuine issues of material fact, the court should, upon motion, promptly adjudicate the legal questions which remain and terminate the case, thus avoiding delay and expense associated with trial. See United States v. Feinstein, 717 F. Supp. 1552 (S.D. Fla. 1989). "Summary judgment is appropriate when, after drawing all reasonable inference in favor of the party against whom summary judgment is sought, no reasonable trier of fact could find in favor of the non-moving party." Murray v. National Broad. Co., 844 F.2d 988, 992 (2d Cir. 1988).
The legal standard governing the entry of summary judgment has been articulated by the United States Supreme Court in Anderson v. Liberty Lobby, Inc. 477 U.S. 242 (1986). In Anderson, the Supreme Court stated that the standard for summary judgment mirrors the standard for directed verdict under Federal Rule of Civil Procedure 50(a), which provides that the trial judge must direct a verdict if there can be but one reasonable conclusion as to the verdict. Id. at 250. The Court explained that the inquiry under summary judgment and directed verdict are the same: "whether the evidence presents sufficient disagreement to require submission to a jury or whether it is so one-sided that one party must prevail as a matter of law." Id. at 251-2.
In order to defeat a motion for summary judgment under this standard, the non-moving party must do more than simply show that there is some doubt as to the facts of the case. Id. at 252. Rule 56 must be construed not only with regard to the party moving for summary judgment but also with regard to the non-moving party and that party's duty to demonstrate that the movant's claims have no factual basis. Id. "The mere existence of a scintilla of evidence in support of the [non-moving party's] position will be insufficient; there must be evidence on which the jury could find for the [non-moving party]." Id. Thus, the non-moving party must establish the existence of a genuine issue of material fact and may not rest upon its pleadings or mere assertions of disputed fact to prevent a court's entry of summary judgment. See First Nat. Bank of Ariz. v. Cities Serv. Co., 391 U.S. 253, 289 (1968); In re Pierre, 198 B.R. 389 (Bankr. S.D. Fla. 1996).
Sub judice, the facts are undisputed. Between November 15, 1994 and January 23, 1998, the Debtor committed the crime of Fraudulent Transactions when he obtained over $50,000 from 81 investors by making an untrue statement of material fact or omitting to state a material fact in connection with rendering investment advice or conducting the offer, sale, or purchase of an investment or security. On November 21, 2001, the Nineteenth Judicial Circuit Court in and for Saint Lucie County, Florida adjudicated the Debtor guilty of Fraudulent Transactions pursuant to Fla. Stat. § 517.301(1)(a). Subsequently, on December 6, 2001, the Debtor stipulated to the entry of a restitution order, which required the Debtor to pay $2,538,557.05 for the benefit of the 81 investors. The restitution order required the Debtor to "fulfill the obligations" in the following manner:
Total monetary restitution is to be paid through the Department of Corrections, with an additional 4% fee for handling, processing, and forwarding said restitution to the victim(s), in the manner specified in the order of probation.
See attached restitution order. The restitution order, which was attached to both the Debtor's Complaint and Colton's Motion for Summary Judgment, was the only evidence illustrating the nature of the obligation at issue.
In the instant complaint, the Debtor asserts that because the restitution order operates to collect money from the Debtor for the benefit of various individuals, who are private citizens and thus who cannot qualify as a governmental unit, and because the restitution order operates to pay various alleged victims for losses they suffered prior to the petition date, the debt arising under the restitution order is dischargeable. Colton admits that the restitution order requires the Debtor to repay his victims in accordance with Florida law and admits that the victims do not constitute a "governmental unit." However, Colton asserts that the debt arising under the restitution order is nondischargeable pursuant to 11 U.S.C. § 523 (a)(7). Therefore, the determinative issue is whether the Debtor may discharge the debt arising from the restitution order.
Section 523(a)(7) of the Bankruptcy Code excepts from discharge a debt "to the extent such debt is for a fine, penalty, or forfeiture payable to and for the benefit of a governmental unit, and is not compensation for actual pecuniary loss." 11 U.S.C. § 523 (a)(7). In order to except a debt from discharge under Section 523(a)(7), the creditor must meet three requirements. See In re Rashid, 210 F.3d 201, 206 (3rd Cir. 2000); see also In re Towers, 162 F.3d 952, 954-955 (7th Cir. 1998). The creditor must show that the debt is created by a "(1) fine, penalty, or forfeiture (2) payable to and for the benefit of a governmental unit [that] (3) [is] not compensation for actual pecuniary loss, other than a tax penalty." Id.
The Supreme Court dealt with the issue of whether a restitution order constitutes a fine, penalty, or forfeiture within the meaning of § 523(a)(7) in Kelly v. Robinson, 479 U.S. 36 (1986). In Kelly, the debtor pleaded guilty in a Connecticut state court to a larceny charge based on her wrongful receipt of $9,932.95 in welfare benefits from the Connecticut Department of Income Maintenance. Id. at 38. As a condition of the debtor's probation sentence, the state court judge ordered the debtor to make restitution to the State of Connecticut Office of Adult Probation. Id. at 39. Thereafter, the debtor filed a Chapter 7 petition and sought to discharge the restitution obligation. Id. The Court assumed that the restitution was a fine and thus satisfied the first requirement under Section 523(a)(7), that the debt constitute a "fine, penalty, or forfeiture." Id. at 52. Similarly, the Court found the second requirement under § 523(a)(7), that the debt be "payable to and for the benefit of a governmental unit," to be satisfied because the restitution was payable to and for the benefit of the State of Connecticut Office of Adult Probation. Id.
Regarding the third element, that the debt is "not compensation for actual pecuniary loss," the Court in Kelly explained that although restitution appears to be "compensation for actual pecuniary loss" from the perspective of the victim, restitution is actually something more. Id. "Governments seek restitution to promote law enforcement by deterrence as well as compensation." Id.; see also In re Towers, 162 F.3d at 955. Requiring that the defendant compensate the victims for their loss
forces the defendant to confront, in concrete terms, the harm his actions have caused. Such a penalty will affect the defendant differently than a traditional fine, paid to the State as an abstract and impersonal entity, and often calculated without regard to the harm the defendant has caused. Similarly, the direct relation between the harm and the punishment gives restitution a more precise deterrent effect than a traditional fine.
Kelly, 479 U.S. at 49 n. 10; see also In re Rashid, 210 F.3d at 206; In re Towers, 162 F.3d at 955. Thus, due to the law enforcement benefit of restitution, the Court found that the restitution order was not compensation for actual pecuniary loss, thereby satisfying the third requirement under § 523(a)(7). The Court ultimately held that "§ 523(a)(7) preserves from discharge any condition a state court imposes as part of a criminal sentence," including restitution. Kelly, 479 U.S. at 50. Similarly, in the instant case, the Court finds that the Debtor's restitution order was a fine and was not for the compensation of his victims' actual pecuniary loss, thereby satisfying the first and third requirements under § 523(a)(7).
However, the second requirement, that the amount be "payable to and for the benefit of a governmental unit," is not satisfied in this case. In Kelly, the debtor was required to pay restitution to the State of Connecticut Office of Adult Probation, from which she fraudulently received payments. Id. at 38-39. A governmental unit kept the restitution, and thus, there was "no doubt that the restitution was `payable to and for the benefit of a governmental unit.'" In re Rashid, 210 F.3d at 207. To the contrary, in the instant situation, the restitution order specifies that the restitution is to be paid to the Department of Corrections, which will then forward the restitution to the victims. In Towers, the Seventh Circuit observed that § 523(a)(7) "offers weak support for exempting restitution orders from discharge, for it does not mention restitution, and it operates only if the penalty is `for the benefit of a governmental unit' — a condition not easy to satisfy when the governmental body is collecting for private creditors." In re Towers, 162 F.3d at 954. The court in Towers held that "the context in which `benefit' appears — `payable to and for the benefit of a governmental unit' — implies that the benefit in question is the benefit of the money that is `payable to' the governmental unit." Id. at 956. Similarly, the Third Circuit found that "the word `payable' clearly casts an economic light over the phrase that suggests that the benefit must be conferred from the monetary value of the debt to be paid by the defendant and not the more abstract benefit of criminal deterrence." In re Rashid, 210 F.3d at 208.
See attached restitution order.
In the instant case, it is clear from the specific language in the restitution order that the benefit, the money, is to be forwarded to the victims. Thus, the second requirement to establish that a debt is excepted from discharge under § 523(a)(7), that the debt be "payable to and for the benefit of a governmental unit," is not met. Therefore, the Court finds that the Debtor's restitution obligation is dischargeable. Accordingly, it is
ORDERED THAT:
(1) The Plaintiffs Motion for Summary Judgment is granted.
(2) The Defendant's Motion for Summary Judgment is denied.
ORDERED.
IN THE CIRCUIT COURT OF THE NINETEENTH JUDICIAL CIRCUIT IN AND FOR ST. LUCIE COUNTY, FLORIDA
STATE OF FLORIDA ) ) Case No. 01-771-CF vs. ) ) A. Victor Vito Verola ) ) Defendant)
RESTITUTION ORDER
Restitution is ordered for the following persons:
Name of victim: (See attached list)
The total amount of restitution is $2,538,557.05.
It is further ordered that the defendant fulfill restitution obligations in the following manner (check one, if applicable):
Total monetary restitution is to be paid through the Department of Corrections, with an additional 4% fee for handling, processing, and forwarding said restitution to the victim(s), in the manner specified in the order of probation.
For which let execution issue.
ORDERED AND ADJUDGED that the State's Motion is hereby Granted.
DONE AND ORDEREDin Ft. Pierce, St. Lucie County, Florida on this 6th day of December, 2001.
/s/____________________ Robert M. Makemson, Circuit Judge
The Assistant State Attorney and the Attorney for the Defendant, Victor Verola stipulated to the issuance of this order.
/s/____________________ Date: 12-6-01 M. Levering Evans Assistant State Attorney
/s/____________________ Date: 12-3-01 Richard D. Kibbey Attorney for Defendant
"An order of restitution may be enforced by the State, or by a victim named in the order to receive the restitution, in the same manner as a judgment in a civil action. The outstanding unpaid amount of the order of restitution bears interest in accordance with s. 55.03, and when properly recorded, becomes a lien on real estate owned by the defendant. If civil enforcement is necessary, the defendant shall be liable for costs and attorney's fees incurred by the victim in enforcing the order." Section 775.089(5).
cc: M. Levering Evans, Assistant State Attorney Richard D. Kibbey, Attorney for the Defendant
Probation
STATE OF FLORIDA Florida Department of Law Enforcement Office of State Attorney/19, Investigation Division Office of Comptroller, Dept. of Banking and Finance A joint investigation of: GREAT AMERICAN RESORT, INC., et.al. Secured and Unsecured Promissory Note Programs VICTOR VITO VEROLA — Customer list ____________________________________________________________________________________________________________________________________________ Investment Investment Note Investor Name Address City/State/Zip Amount Date Number ____________________________________________________________________________________________________________________________________________ ANDERSON, Dorothy 8757 S.W. Cherry Lane Stuart, Florida 34998 $64,000.00 3/23/1995 50001 ANDERSON, Egerard Cellia 1901 S.E. Avanti Circle Port Saint Lucie, FL 10,000.00 3/29/1995 50002 ANDERSON, Egerard Cellia 1901 S.E. Avanti Circle Port Saint Lucie, FL 10,000.00 1/26/1996 50047 ANTONUCCI, John 7516 S.E. Bay Cedar Circle Port Saint Lucie, FL 5,000.00 6/19/1995 50020 ANTONUCCI, John 7516 S.E. Bay Cedar Circle Port Saint Lucie, FL 8,000.00 5/24/1996 50033 BARONE, Joseph and Mary 2365 S.E. Mintaul Street Port Saint Lucie, FL 10,000.00 10/11/1995 50049 BEARDMORE, Robert Virginia P.O.Box 194 Mount Holly, VT 05758 20,000.00 10/14/1994 533 BENSON, William J. Rose H. 1700 Waterford Drive #207 Vero Beach, FL 32961 12,000.00 12/30/1994 501 BENSON, William J. Rose H. 1700 Waterford Drive #207 Vero Beach, FL 32961 10,000.00 6/22/1995 50021 BOIVIN, Gerard Jeanne 240 E. Eyerly Avenue Port Saint Lucie, FL 25,000.00 11/23/1994 502 BOULTON, Mary G. Keeley, Michael 10885 S.E. US1 #59 Hobe Sound, FL 33455 10,000.00 4/6/1995 50003 BRISBANE, Mary 1926 S.W. Bisbane Street Port Saint Lucie, FL 10,000.00 10/17/1995 50031 CERDAN, Aurelo 2011 Balboa Avenue Vero Beach, FL 32960 12,000.00 4/21/1995 50004 CERDAN, Clotide 2011 Balboa Avenue Vero Beach, FL 32960 5,000.00 1/18/1995 50039 CHENCO, Willy Rachel 420 Colin Circle Ann Arbor, MI 48103 27,000.00 6/25/1995 503 CIUFFETELLI, Barbara 16 Juniper Ct. Armonk, N.Y. 10504 175,000.00 10/28/1994 No Nbr CIUFFETELLI, Barbara 16 Juniper Ct. Armonk, N.Y. 10504 100,000.00 6/13/1995 No Nbr CIUFFETELLI, Barbara 16 Juniper Ct. Armonk, N.Y. 10504 (260,000.00) 3/24/1997 Sale Prop CIVILETT, Anthony Julia 343 Camelot Drive Port Saint Lucie, FL 34983 11,000.00 4/6/1995 50005 CLAYTON, Linda S. a/k/a Jung, Linda 481 Nome Drive Port Saint Lucie, FL 34984 30,000.00 4/24/1995 50006 CLAYTON, Linda S. a/k/a Jung, Linda 481 Nome Drive Port Saint Lucie, FL 34984 50,000.00 6/28/1995 50029 COMERFORD, Mary 3253 Benicia Court Naples, FL 34109 105,000.00 6/14/1995 50007 COMERFORD, Mary 3253 Benicia Court Naples, FL 34109 26,000.00 6/14/1995 50019 DAVIS, Floyd 292 S.E.Langfield Ave. Port Saint Lucie, FL 34984 25,000.00 11/30/1994 504 DICKINSON, Peter Angelina 2499 S.W. Grand Drive Port Saint Lucie, FL 34952 50,000.00 11/30/1994 505 DICKINSON, Peter Angelina 2499 S.W. Grand Drive Port Saint Lucie, FL 34952 43,000.00 2/7/1995 506 EDDY, Donald P. 249 South Pine Street Fellsmere, FL 32948 10,000.00 1/18/1995 507 EDDY, Donald P. 249 South Pine Street Fellsmere, FL 32948 25,000.00 1/31/1996 550 EDDY, Mary 249 South Pine Street Fellsmere, FL 32948 10,000.00 1/18/1996 508 EDDY, Mary 249 South Pine Street Fellsmere, FL 32948 25,000.00 1/31/1996 551 FATO, Melvin Rev. (Trust) 139 S.W. Hideway Place Stuart, FL 34994 10,000.00 3/9/1995 50008 FIELDING, Inez P.O.Box 780-453 Sebastian, FL 32978-0453 10,000.00 6/14/1995 50034 FITZSIMONS FAMILY, (Trust) 5400 North A1A #A16 Vero Beach, FL 32963 23,997,84 11/29/1994 509 FRAZIER, Mary 1101 W.E. Port St. Lucie Blvd. Port Saint Lucie, FL 34952 10,000.00 4/3/1996 50065 GRUNFELDER, Louis 1740 46th Avenue Vero Beach, FL 32966 5,000.00 11/23/1994 511 GRUNFELDER, Louis 1740 46th Avenue Vero Beach, FL 32966 5,000.00 2/10/1995 510 GRUNFELDER, Louis 1740 46th Avenue Vero Beach, FL 32966 6,000.00 7/9/1996 50046 HARIS, Jean 1826 7th Avenue Vero Beach, FL 32960 9,225.00 2/1/1996 50050 HARRIS/KING, Jean Thompson 1826 7th Avenue Vero Beach, FL 32960 160,000.00 1/20/1995 515 HYMAN, Estelle D. 1700 Waterford Drive #344 Vero Beach, FL 32966 10,000.00 5/1/1995 50010 JOSEPH, Florence (Trust) 947 Barefoot Blvd. Barefoot Bay, FL 32976 5,000.00 11/21/1994 513 KELLAM, Gaylord II. (Trust) 44 Vista Garden Trail #102 Vero Beach, FL 32962 5,000.00 11/17/1994 512 KING, Thompson (Deceased) 1826 7th Avenue Vero Beach, FL 32960 240,000.00 1/30/1995 514 KING, Thompson (Deceased) 1826 7th Avenue Vero Beach, FL 32960 41,175.00 2/1/1995 50051 KLEIN, Charles Gertrude 135 S.E. 1225 N.W. 21st St. #16 Stuart, FL 34994 10,000.00 1/26/1996 50052 KLEIN, Charles Gertrude 135 S.E. 1225 N.W. 21st St. #16 Stuart, FL 34994 10,000.00 4/04/1996 50036 KLEIN, Charles Gertrude 135 S.E. 1225 N.W. 21st St. #16 Stuart, FL 34994 10,000.00 5/9/1996 50035 KLEIN, Charles Esther 136 S.E. Norfolk Blv. Stuart, FL 34997 60,000.00 4/2/1996 50066 KLEIN, Charles Esther 136 S.E. Norfolk Blv. Stuart, FL 34997 70,000.00 6/4/1996 50037 KUEBLER, Janice W. Albert 1611 S.W. Palm Lake Dr. Stuart, FL 34997 10,000.00 6/21/1996 50038 KURAS, John W. 1080 Draceme Drive Micco, FL 32978 10,000.00 5/3/1995 50011 LEACH, John 2600 E. Ocean Drive G-6 Stuart, FL 34966 23,126.00 2/1/1996 50053 LEACH, Priscilla 2600 E. Ocean Drive G-6 Stuart, FL 34966 11,100.00 2/1/1996 50054 LEENHER, Neil R. 1205 N.W. Bently Circle #8 Port Saint Lucie, FL 34985 9,700.00 12/6/1994 516 LUKOWSKI, Sylvia Julian 80 S.W. Blackburn Terrace #3 Stuart, FL 34967-8323 35,000.00 11/22/1994 517 McCULLOUGH, Marion C. 12 Don Quixote Lane Port Saint Lucie, FL 34952 39,994.06 12/8/1995 518 McCULLOUGH, Marion C. 12 Don Quixote Lane Port Saint Lucie, FL 34952 20,000.00 12/8/1995 50063 McKIBBIN, Bonnie 5170 9th Lane Vero Beach, FL 32966 18,000.00 3/28/1996 50067 McKNIFF, Evelyn M. 2549 S.E. Oakland St. Port Saint Lucie, FL 34984 20,000.00 2/6/1996 50055 MICHELS, John 128 Royal Palm Street Sebastian, FL 32958 10,000.00 1/16/1995 519 MORAMARCO, Dan Marie 7 Delmar Avenue Cresskill, N.J. 07626 10,000.00 5/30/1995 50025 MUSUMECI, Isidoro Elin 392 Bimini Cay Circle Vero Beach, FL 32966 35,000.00 10/26/1994 521 MUSUMECI, Isidoro Elin 392 Bimini Cay Circle Vero Beach, FL 32966 (9,627.00) 3/24/1997 Sale Prop NICLAS, Robert 422 S.W. St. Lucie Street Stuart, FL 34997 2,500.00 8/22/1996 50072 O'LEARY, John Anne P.O.Box 370 Ft. Pierce, FL 34954-0370 20,000.00 1/31/1996 50056 O'SULLIVAN, Jerry Annie 58 Charter Circle Ossining, N.Y. 10562 5,000.00 5/28/1995 50040 OWEN, Hilda D. P.O.Box 542 Melrose, FL 32686 65,000.00 11/30/1994 522 OWEN, William W. Jr. P.O.Box 542 Melrose, FL 32686 20,000.00 11/18/1994 523 OWEN, William W. Jr. P.O.Box 542 Melrose, FL 32686 15,000.00 4/26/1996 534 PARMENTIER, Monique 300 S. US Highway 169 Minneapolis, MN 55426-119 20,000.00 4/18/1995 50013 PAWELCHAK, John Lenore 117 S.W. Todd Avenue Port Saint Lucie, FL 34952 84,000.00 1/22/1996 50057 PAWELCHAK, Lenore 117 S.W. Todd Avenue Port Saint Lucie, FL 34952 30,000.00 4/4/1995 50012 PERCIASEPA, William 301 Leonard Street Onaga, KS 66521 18,000.00 2/20/1996 50068 REINBOLD, Karl F. 1764 S.W. Waterford Blvd. Palm City, FL 34990 30,000.00 11/30/1994 No Nbr REINBOLD, Karl F. 1764 S.W. Waterford Blvd. Palm City, FL 34990 27,000.00 7/1/1996 50045 REXRODE, Robert Virginia 6010 Cassia Drive Ft. Pierce, FL 34982-3782 9,777.15 6/26/1996 50044 REIGER, Egor Helga 452 S.W. Fairway Landing Port Saint Lucie, FL 34986 20,000.00 6/19/1995 50026 RODDENBERRY, John 1164 37th Avenue S.W. Vero Beach, FL 32968 40,216.00 12/31/1994 524 RODDENBERRY, John 1164 37th Avenue S.W. Vero Beach, FL 32968 16,000.00 7/17/1995 50027 RODDENBERRY, John 1164 37th Avenue S.W. Vero Beach, FL 32968 19,000.00 3/18/1996 50048 SAGISSOR, Charles N. Doris B. P.O.Box 9012 Stuart, FL 34995-9012 10,000.00 12/26/1995 50058 SALCIUNAS, Vincas Ona 2288 S.E. Carnation Road Port Saint Lucie, FL 34952 16,000.00 2/2/1995 526 SCHWARTZ, Annie B. 212 S.W. Midtown Rd. Port Saint Lucie, FL 34952 10,000.00 11/23/1994 525 SCHWARTZ, Annie B. 1st Nat. Bank Wilmington, DE 19801 3,000.00 4/4/1996 50069 SCIRROTO, Frank S. 1462 S.W. Irving Street Port Saint Lucie, FL 34983 25,000.00 11/30/1994 527 SHERRAT, Edwin Winifred P.O.Box 782098 Sebastian, FL 32978 25,000.00 4/25/1996 50041 SHIELDS, James B. 1134 Spanish Lace Lane Vero Beach, FL 32963 50,000.00 12/29/1995 50030 SLAUGHTER, Nathaniel 3900 20th Street Vero Beach, FL 32963 34,000.00 4/6/1995 50015 SMITH, Maria C. 1st Union Bank 58th Ave. Vero Beach, FL 32963 52,000.00 2/26/1996 50064 STEWART, Thomas Lathers, Barb 5409 Palmetto Drive Ft. Pierce, FL 34982 75,000.00 11/1/1995 50032 SWEENEY, Ben C. 1429 4th Avenue Vero Beach, FL 32960 10,000.00 4/10/1995 50014 TAMASSIA, Paul J. Dorothy 690 S.E. Karrigan Terrace Port Saint Lucie, FL 34983 10,000.00 10/10/1994 528 TAMASSIA, Paul J. Dorothy 690 S.E. Karrigan Terrace Port Saint Lucie, FL 34983 12,000.00 3/21/1995 50016 TAMASSIA, Paul J. Dorothy 690 S.E. Karrigan Terrace Port Saint Lucie, FL 34983 (9,527.00) 3/24/1997 Sale Prop TAYLOR, Carl D. P.O.Box 234 Roseland, FL 36,000.00 1/18/1996 50059 TERPAK, Andrew 2010 Orchard Trace Drive Vero Beach, FL 32966 22,000.00 6/20/1996 50042 TERPAK, Fern Cyr 2010 Orchard Trace Drive Vero Beach, FL 32966 10,000.00 6/20/1996 50043 THOMAS, Herbert Leone 710 S.W. Beard Avenue Sebastian, FL 32958 12,000.00 12/31/1994 529 THOMPSON, Dorothy A. 556 9th Place Vero Beach, FL 32960 11,000.00 4/26/1995 50017 TRIANTAFILLOS, M.S. M.F. 1299 Seahawk Way Palm City, FL 34990 10,000.00 10/13/1994 530 TRIANTAFILLOS, M.S. M.F. 1299 Seahawk Way Palm City, FL 34990 7,000.00 6/13/1996 535 WAITE, Dr. Raymond 2513 Tropical East Circle Port Saint Lucie, FL 34952 6,000.00 3/14/1996 50070 WAITE, Dr. Raymond Lorrane 2513 Tropical East Circle Port Saint Lucie, FL 34952 10,000.00 3/16/1995 50018 WELLS, Robert M. 2430 47th Avenue Vero Beach, FL 32966-2124 10,000.00 11/11/1994 No Nbr WHALEN, Vincent L. 7933 S.E. Saratoga Drive Hobe Sound, FL 33455 15,000.00 11/30/1994 531 WHALEN, Vincent L. 7933 S.E. Saratoga Drive Hobe Sound, FL 33455 20,000.00 7/31/1996 No Nbr WINK, Gene Beverly 1863 Palm City Road #F Stuart, FL 34994-4347 45,000.00 1/12/1995 No Nbr WOOD, Anne P. 5701 Eagle Drive Ft. Pierce, FL 34951 10,000.00 2/1/1996 50060 YONKOF, Joseph 4475 Coolidge Road Brunswick, GA 44212 10,000.00 2/1/1996 50062 YONKOF, Susan 4475 Coolidge Road Brunswick, GA 44212 10,000.00 2/16/1996 50061