Lender Liability for the Acts of Settlement Agents

What happens in New York when in the absence of a CPL, the attorney to whom the lender forwarded the funds that were intended to fund a mortgage, misappropriates the lender's funds? Two cases are directly on point.

16 minute read October 29, 2012 at 04:45 PM

Marvin Bagwell

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.

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