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Bank, insurer dispute coverage of lien priority
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Court Report
Monday, November 7, 2022
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A bank loaned money to one partner in an LLC to buy out the other partners, including purchasing property in Izard County, Ark. When the bank later foreclosed on the property, one of the other partners argued it had a priority stake in the property based on the membership interest purchase agreement. The bank filed a claim with its title insurer, which was denied. The bank then sued the underwriter for breach of the policies for failing to provide coverage.
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