One-word Abstract Results in $1,000,000 Lawsuit
A real estate investor who purchased distressed properties at sheriff's sale requested a simple confirmation that the foreclosing lender held the senior lien on the property. He obtained from Chicago Title an email with only a "yes" or "no" answer to that question. When he incurred a $1 million loss, he alleged that this one-word email constituted an "abstract of title" subjecting Chicago Title to "abstractor liability" for negligent misrepresentation.
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