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Real Estate | |
Conveyances | |
Section 42 | Liability of title insurer or title agent. |
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57-1-42. Liability of title insurer or title agent. A title insurer or title agent purporting to act under the provisions of Section 57-1-40 who reconveys a trust deed or releases a mortgage is liable to the beneficiary or mortgagee for the damages suffered as a result of the reconveyance if: (1) the obligation secured by the trust deed or mortgage has not been fully paid; and (2) (a) the title insurer or title agent failed to comply with the provisions of Sections 57-1-40 and 57-1-41; or (b) the title insurer or title agent acted with gross negligence or in bad faith in reconveying the trust deed.
Enacted by Chapter 185, 1995 General Session |
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