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Board tables wine‑and‑malt license transfer amid bank security‑interest questions
Summary
The Lynn City Licensing Board postponed action on a proposed transfer of a general on‑premise wine and malt license after counsel said the Bank of Florida may hold a security interest in the license; the board voted to table the matter pending clarification from the bank.
The Lynn City Licensing Board voted to table consideration of a proposed transfer of a general on‑premise wine and malt license after the applicant’s counsel and board counsel raised questions about a possible security interest held by the Bank of Florida. Attorney representing the applicant reported the financing came from the Bank of Florida and expressed concern the bank may claim a security interest in the license, which could affect the validity of a transfer.
Board counsel said it would be preferable to obtain a clear statement from the bank rather than decide without complete information. A motion to table the transfer to the next meeting was made and seconded; the board approved the motion. No formal transfer occurred, and the item was continued so the board can verify any lender claims before taking action.
The board noted that resolving lender interests is necessary before processing license transfers to avoid inaccurate or improper approvals.
