Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Lender Liability for the Acts of Settlement Agents
Suppose you are lender's counsel. You receive a call from a homeowner who has just been served with a summons and complaint foreclosing the mortgage from his prior closing, which he thought your bank, as his new lender, had paid off. Your stomach falls into a pit. You confirm that yes, your bank provided the homeowner with a mortgage a few months ago. You also confirm that the bank your mortgage paid off at the closing is the bank that is bringing the foreclosure action. You are not panicking yet, because if as you suspect, the bank's closing attorney absconded with the pay-off funds, the title company, under its closing protection letter (CPL), will cover your loss. CPLs indemnify lenders or mortgagees against loss caused by improper acts or omissions by the lender's settlement agent such as the improper execution of the loan documents or the misappropriation of the loan funds. Then you examine the loan file and you discover to your horror that the property is located in New York. Now you begin to panic.
What's the Problem?
You recall that there is problem with CPLs in New York. You go online and see if your memory is correct or if you are having a senior moment. You discover that your worst fears ring true. Your research reveals that on Dec. 14, 1992, New York's Superintendent of Insurance issued Circular Letter No. 18 (1992), which prohibited New York-licensed title insurers from issuing CPLs in that state. The Superintendent found that CPL issuance exceeded title insurers' statutory license and writing authority because such letters constitute fidelity insurance.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.