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Bank, title insurer dispute coverage under CPL
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Court Report
Monday, December 20, 2021
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Prior to a transaction closing, the attorney and issuing agent was terminated by the original title insurer. The agent arranged for a closing protection letter and title policy from another title insurer, but did not tell the lender. It closed the transaction but did not pay off a prior security interest on the property as required by the bank. The bank eventually paid off the prior security interest. It then sued the prior and current title insurer for action under the closing protection letter.
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