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Is insurer liable for agent’s failure to pay off loan?
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Court Report
Tuesday, January 14, 2014
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Mark Lineberry, the owner of a title agency, wanted to build a hotel, but an encumbrance on the property prevented him from getting a loan. He and one of his employees covered up the fact that the encumbrance hadn’t been paid off. When the bank discovered that the encumbrance was not paid off, it turned to its title insurer to make it whole. The U.S. District Court for the Middle District of Tennessee had to determine whether the title insurer is liable (beyond the terms of the countract) to the lender for the fraud perpetrated by Lineberry.
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