Banks which made unsecured loans to decedent failed to secure the loans on real estate subsequently purchased by decedent. ( Probate, Will, Trust, Decedent, Real Estate, Attorney, Lawyer, Cape Coral, Fort Myers, Bonita, Lee, Collier, Florida )
Bank of America v. Bank of Salem, 48 So. 3d 155 (Fla. 1st DCA 2010)
Mere allegations that the decedent promised to grant the banks a mortgage on future purchased property are insufficient evidence of fraud to support a constructive trust. A constructive trust may be imposed after clear and convincing proof of (1) a promise, express of implied; (2) transfer of property and reliance thereon, (3) confidential relationship, and (4) unjust enrichment.
Case Impression: If you are smooth enough to convince two lenders to loan you $800,000.00 without collateral, go for it.
