Mortgagee misinforms title co., sues for denied claim

A man who loaned his long-time friend money misinformed a title insurer about the facts of the loan when he submitted a mortgage and note to the title insurer to get a lender’s policy on property his friend’s company owned. He later sued the title company seeking reimbursement for lost funds after an unknown tenant on the property received quiet title. Read on to find out what happened when the case went to the appellate court in New Jersey.