This is correct. However, J C Abstract of New York was contracted to do Arkansas searches. We have had 3 claims that are pending and several questionable titles at this point. We have settled one claim on J C Abstracts behalf the week of July 19, 2010 and monies are being sent as of now. That leaves two additional pending claims. Through J C Abstracts own admission, titles searched the vesting/current owner from purchase date forward for liens and judgments, therefore, the title did not meet the required laws of the State of Arkansas and our client. J C Abstract did not search Liens and judgments for the requirements of Arkansas and our client. ATA feels there is a possibility of more claims coming so therefore, we are holding monies owed. When an abstractor is hired, they should know the requirements of the state & county they are searching. That was not the case with this abstractor. ATA has and continues to negotiate these claims so that it will not cost the abstractor nor ATA the full amount. This takes time and patience. When the negotiations are complete, if there are any monies left, monies will be released.
If you have any additional questions, feel free to call.
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