Multicredit, Inc. v. Ecoban Capital Ltd.
Docket: No. 89-1055
Court: District Court of Appeal of Florida; November 20, 1989; Florida; State Appellate Court
A mandatory temporary injunction has been affirmed, requiring the appellant to cash and deposit the proceeds from letters of credit into the court registry. The claim of irreparable injury by the appellee was rejected, as the letters of credit would expire seven days after the injunction was issued. The argument that Sociedad Financiera Cash, S.A. was an indispensable party was also dismissed; it was determined that they were merely a necessary party. However, the court agreed with the appellant that the trial court erred by not requiring the appellee to post a bond, as mandated by Florida Rule of Civil Procedure 1.610(b). Citing Parker Tampa Two, Inc. v. Somerset Dev. Corp., the court noted that damages for the improper issuance of the injunction should be limited to the amount of the bond. Consequently, the trial court is directed to require the movants to post a reasonable bond retroactively from the date of the temporary injunction’s entry. The ruling is affirmed in part, reversed in part, and remanded for further action.