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Doss & Assocs. v. First Am. Title Ins. Co. Inc.

The defendant was not entitled to summary judgment on the plaintiff's claim for breach of an alleged oral escrow agreement in connection with the closing of a $4.75M loan, as genuine issues of fact remained as to whether there was a meeting of the minds.

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This case arises from a $4.75 million loan from Stillwater Asset-Backed Fund, LP “Stillwater”1 to Cohutta Water, Inc. Steve Carroll, Cohutta’s president and CEO, guaranteed the loan and executed a security deed for seven parcels of real estate to secure it. Stillwater did not obtain a first position lien on one of the tracts 48.2 acres due to a prior encumbrance held by Branch Banking & Trust “BB&T” for a personal loan to Carroll. In 2008, Cohutta defaulted on the Stillwater loan, and Carroll breached the guaranty and filed for bankruptcy. In 2009, BB&T foreclosed on the 48.2 acre tract and paid $1 million as the highest bidder; the total principal amount of the BB&T loans secured by the property was $910,831.00. Stillwater received title to land valued at $5.6 million from the foreclosure sale of the remaining lots securing Carroll’s guarantee.

Stillwater subsequently sued the closing attorney and title agent for the loan, Doss & Associates “Doss”, as well as First American Title Insurance Company, Inc. “First American”, claiming it should have received a first-position lien on the 48.2 acre tract in the closing and seeking damages. First American asserted a cross-claim against Doss for contractual indemnity and professional negligence.

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