|
|
|
Creditors’ Rights and Title Insurance Three papers discussing the History and the Nature of the Underwriting Risk To Review these papers and references please click here Editor’s Note: The Preface to Chapter 9 appearing in The Law of Titles In New York text was prepared at the same time as I was writing Debt Restructuring Problems in the Workout of Troubled Real Estate Assets for presentation at the 1991 NYU Seminar Program on Working Out Troubled Real Estate Assets. Then in 1992, Matthew Bender & Co. Inc., New York, New York published COLLIER REAL ESTATE TRANSACTIONS AND THE BANKRUPTCY CODE , written by Laurence D. Cherkis of the firm of Wachtell, Lipton, Rosen & Katz in New York. Chapter of 5 of that text was entitled Creditors’ Rights Issues Affecting Title Insurance. At that time it was best discussion of the subject matter to date. Your editor, with permission of the publisher, incorporate and in some cases substantially edited portions of that chapter for inclusion in a CLE program presented to title underwriters and litigation counsel by the Land Title Institute of Maryland and Virginia. That seminar program also made reference to excerpts of materials previously prepared for PLI by James M. Pedowitz and Oscar H. Beasley. It is these materials, as edited, that comprise the first of the three papers presented here. In September of 1996 Joseph C. Bonita, Chief Underwriting Counsel for the then Chicago Title and Trust Family of Title Insurers, prepared a paper entitled Creditors’ Rights Issues for Reinsurers, for presentation at the 1996 ALTA Reinsurance Convention. This is the second of the three papers presented here. Recently, Paul L. Hammann and John C. Murray prepared a paper for publication in the Fall 2004 Issue of Volume 38 of The John Marshall Law Review entitled Creditors’ Rights Risk: A Title Insurer’s Perspective. Mr. Hammann is Vice President, Underwriting Director and Senior Underwriting Counsel, First American Title Insurance Company, Santa Ana, California; Mr. Murray is Vice President and Special Counsel, First American Title Insurance Company, Chicago, Illinois. This is the third paper appearing on this link and it is by far the most thorough discussion to date on the issue. The three papers, when read together, reflect how the concern has evolved over the past 15 years from one of paramount importance to both lenders and title insurers alike to a standard check list item insisted upon by loan officers with little or no understanding if the risks involved. This matter should continue to be a concern to all attorneys, lenders, commercial developers, lenders counsel and title agents alike. |
|
Trademarks and Copyright © 1999 - Revision June, 2001 Site Design By: World Wide Web Institute- Ft. Lauderdale, Florida- USA; Site Hosted by AT&T; Site maintained by Create Solutions, Inc.
|