REAL PROPERTY UPDATE
- Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells Fargo Bank, N.A., No. 4D14-1200 (Fla. 4th DCA Oct. 21, 2015) (affirmed).
TITLE INSURANCE UPDATE
- Malpractice: reversing summary judgment granted to defendant lawyer who, on instructions from purported borrowers, disbursed loan proceeds against plaintiff title insurer who paid lender and seeks to recover from lawyer on theory of malpractice –Fidelity National Title Ins. Co. of New York v. Lite & Russell, Case No. 42051-09 (N.Y. Supreme Ct. Oct. 21, 2015) (decision and order reversing summary judgment)
- Equitable Subrogation: plaintiff lender’s ability to make a title insurance claim does not constitute an adequate remedy at law that will preclude application of doctrine of equitable subrogation in order to put lender in position it bargained for vis a vis defendant – Bank of America, N.A. v. Diamond Financial, LLC, Case No. 14-P-1315 (Ma. App. Oct. 20, 2015) (affirming summary judgment)
- Escrow Funds: where debtor deposits money in escrow under an agreement to benefit a third party, the money remains in the possession and control of escrow agent and the debtor does not retain an unqualified interest in the funds such that they automatically become part of the bankruptcy estate – In re Expert South Tulsa, LLC, Case No. 15-3000 (10th Cir. Oct. 19, 2015) (affirming summary judgment)