REAL PROPERTY UPDATE

  • Default Judgment/Voidable: because default judgment was merely voidable, rather than void, where complaint upon which judgment was based failed to state a cause of action, Rule 1.540(b) was not applicable and judgment could not be collaterally attacked The Bank of New York Mellon, etc. v. Condo. Ass’n of La Mer Estates, Inc., Case No. SC14-1049 (Fla. Sept. 17, 2015) (approving of the Fourth District’s decision)

TITLE INSURANCE UPDATE

  • Agent: department provided agent sufficient notice of hearing and relied on sufficient substantial evidence in revoking title company’s license, even though some hearsay was admitted – Dyer v. Arkansas Ins. Dept., Case No. CV-14-342 (Ark. App. Sept. 2, 2015) (affirming revocation of title insurance license)
  • Credit Bid Rule: where lender acquires property for partial credit bid, that amount is conclusively deemed to be the value of the property and precludes the lender from recovering more than the amount of the deficiency judgment from third parties – FDIC-R (Founders Bank) v. Chicago Title Ins. Co., Case No. 12-cv-05198 (N.D. Ill Sept. 9, 2015) (memo opinion partially granting motion for summary judgment)
  • Foreclosure: purchaser of property subject to mortgage who had long history of buying properties and delaying foreclosures in order to rent out properties and who in this case threatened to cloud title unless the bank paid it was properly sanctioned – DTND Sierra Inv., LLC v. Citimortgage, Inc., Case No. 14-51141 (5th Cir. Sept. 4, 2015) (affirming sanctions award)