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Tennessee AG issues opinion on restriction on foreign ownership of real property
Posted Date: Wednesday, October 11, 2023
Tennessee Attorney General Jonathan Skrmetti issued Opinion No. 23-10, Restrictions on Foreign Ownership of Tennessee Real Property Under Tenn. Code Ann. Sections 66-2-101 to 306 to answer the question as to whether the new statute prohibits foreign ownership of Tennessee real property.
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Property owners sue for breach of policy, duty of good faith after coverage denial
Posted Date: Monday, August 21, 2023
When a property owner went to sell a portion of land it owned to a third party, it discovered the previous owners had deeded a strip of land to the Oklahoma Turnpike Authority and granted it all abutter’s rights. When the owner sought coverage from its title policy, it was denied. The property owner filed suit, and the insurer moved for summary judgment.
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California governor signs residential exclusive listing agreement bill
Posted Date: Wednesday, October 11, 2023
California Gov. Gavin Newsom signed legislation enacting the Residential Exclusive Listing Agreements Act. The bill establishes the conditions for exclusive listing agreements in regard to residential real property and provides that agreements that do not meet these terms are void.
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Parties renew dueling summary judgment motions
Posted Date: Wednesday, October 18, 2023
The U.S. District Court for the Eastern District of Virginia heard renewed cross-motions for summary judgment from an insurer and its insured in a breach of contract case. The insured party alleged that its title insurer breached the policy contract in part by failing to compensate it for losses allegedly covered under the policy.
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Florida’s Homeowners Association Bill of Rights goes into effect
Posted Date: Wednesday, October 18, 2023
Earlier this year, the Florida legislature passed legislation titled the Homeowners Association Bill of Rights. The new law, which went into effect in October, revises provisions relating to official records, fines and suspensions, attorney fees and costs, and liens, among other things.
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Insurer seeks to reopen inquest on damages award
Posted Date: Wednesday, October 18, 2023
After receiving a default judgment against a buyer and seller for unjust enrichment, a title insurer provided information at an inquest to provide evidence of the damages incurred. The court denied the request for damages and, after the court denied the request to reopen the inquest, the insurer appealed the decision.
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CISA, partners update Secure by Design Principles Joint Guide
Posted Date: Wednesday, October 18, 2023
The Cybersecurity and Infrastructure Security Agency, along with 17 U.S. and international partners, published an update to “Shifting the Balance of Cybersecurity Risk: Principles and Approaches for Secure by Design Software.” The joint guidance urges software manufacturers to take the steps necessary to design, develop, and deliver products that are secure by design.
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FTC proposes junk fee ban
Posted Date: Monday, October 16, 2023
The Federal Trade Commission announced a proposed rule to prohibit junk fees. It estimates these fees can unexpectedly cost consumers tens of billions of dollars per year.
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Parties seek to seal documents in bad faith action
Posted Date: Monday, October 16, 2023
After a mortgage holder filed suit against a title insurer, the mortgage holder sought to seal an unredacted version of certain documents, including an unredacted version of its reply in support of its motion for partial summary judgment and its response to the title insurer’s motion to file a sur-reply. The title insurer moved to seal its response to the mortgage holder’s motion to seal.
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California Department of Insurance launches Insurance Diversity Index
Posted Date: Monday, October 16, 2023
California Insurance Commissioner Ricardo Lara announced the launch of the inaugural Insurance Diversity Index, a benchmarking tool designed to foster diversity, equity, and inclusion in California's insurance industry. Initial findings of the trailblazing initiative were unveiled at the 2023 Insurance Diversity Summit.
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Property owners sue city, title company over alleged restrictions
Posted Date: Monday, October 9, 2023
A group of owners of property stemming from a decades-old land swap transaction sued the city of Phoenix and the title company that conducted the transaction, arguing that the deed and escrow instructions of the land swap prohibited the construction of trails on the subject property.
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Insured seeks coverage of approved claim
Posted Date: Monday, October 9, 2023
After purchasing property to develop into a single-family residential subdivision, a developer found a previously unknown restriction on the policy. While the insurer was working to determine the diminution in value to pay out the claim, the developer negotiated a release of the restriction. Upon hearing of the release, the insurer stopped its work. The developer filed suit, asking the court to find that its election to pay the diminution in value created a binding obligation to tender payment, despite the removal of the restriction.
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