Real Property & Title Insurance Update: Week Ending February 10, 2017

Carlton Fields
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REAL PROPERTY UPDATE

  • Foreclosure: where foreclosing bank, who purchased debt from original mortgagee, failed to establish standing to enforce lost note “through evidence of a valid assignment, proof of purchase of the debt, or evidence of an effective transfer,” summary judgment in favor of foreclosing bank improper Houk v. PennyMac Corp. , Case No. 2D15-2583  (Fla. 2d DCA February 10, 2017) (reversed and remanded).
  • Foreclosure/Standing:  where foreclosing bank filed original note bearing blank indorsement with original complaint, it sufficiently established standing to enforce note -U.S. Bank, N.A. v. Becker, Case No. 4D15-4615 (Fla. 4th DCA February 8, 2017) (reversed and remanded).
  • Foreclosure/Removal: trial court lacked jurisdiction to render final summary judgment where defendants had filed a notice of removal to federal court and federal court had not yet remanded case back to trial court - Mawhinney v. 998 SW 144th Court Rd, LLC, Case Nos. 5D15-2185; 5D15-2819  (Fla. 5th DCA February 10, 2017) (reversed and remanded).

 TITLE INSURANCE UPDATE

  • Full Credit Bid: Section 2 of the 1992 ALTA lender’s policy applies when a lender purchases property by full or partial-credit bid at a trustee’s sale – Equity Income Partners, LP v. Chicago Title Ins. Co., Case No. CV-16-0162-CQ (Ariz. Feb. 7, 2017)(answering certified question from 9th Circuit Court of Appeals)
  • Full Credit Bid: a lender’s full or partial-credit bid at a trustee’s sale is not a “payment”  or “payment made” under a 1992 ALTA lender’s policy because to do so would render Section 2 meaningless and contravene Arizona public policy of protecting debtors – Equity Income Partners, LP v. Chicago Title Ins. Co.,, Case No. CV-16-0162-CQ (Ariz. Feb. 7, 2017)(answering certified question from 9th Circuit Court of Appeals)
  • Full Credit Bid: a lender’s full or partial-credit bid at a trustee’s sale does not terminate coverage under Section 2(a)(i), reduce coverage under Section 2, or any possible liability under Section 7 of a 1992 ALTA lender’s policy – Equity Income Partners, LP v. Chicago Title Ins. Co.,, Case No. CV-16-0162-CQ (Ariz. Feb. 7, 2017)(answering certified question from 9th Circuit Court of Appeals)

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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