Preservation Capital Consultants, LLC v. First American Title Insurance

I respectfully dissent and would reverse the order granting summary judgment in this contract interpretation case.

First American (Insurer) issued a borrower’s title insurance policy to Preservation Capital’s (Lender’s) predecessor in interest insuring Lender’s mortgage interest in three properties against title defects. The amount insured under the policy in Schedule A was $3,075,000. One of the three properties (St. Phillip parcel) was released from the mortgage in 2008. The borrower subsequently defaulted on its mortgage, at which time it was learned the mortgage was invalid to the extent…