Late last month, in LEM2Q v. Guaranty National Title, 2016 Pa. Super. LEXIS 413 (July 28, 2016), the Superior Court of Pennsylvania found that a title insurance company had no duty to disclose to a lender about unrecorded loan documents which the title insurance company knew the existence of while serving as a closing escrow agent for the new loan transaction.
In the spring of 2007, C&V Investments loaned funds to Russell M. Meusy II, a real estate investor, and some of his companies in order to facilitate the purchase of a 234-unit property located in Reno, Nevada, the opinion said. For some unknown reason, C&V did not protect its interest as a creditor by requiring the recording of a mortgage against the property. Guaranty National Title Co. served as the closing agent for this loan transaction, the opinion said.
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