State Takeover Of Fla. Retirement Community Halted

Law360, New York (January 15, 2013, 3:53 PM EST) -- A Florida court on Friday granted an appeal from the operator of continuing care retirement communities at PGA National golf course in Palm Beach Gardens, Fla., against an attempted takeover by the state's Office of Insurance Regulation, saying a lender agreement provided for residents to be taken care of in the event of a mortgage default.

The First District Court of Appeals said the lower court had correctly found Devonshire at PGA National, Chatworth at PGA National LLC, and Chatworth PGA Properties LLC insolvent after they...
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