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Seller Beware: Insureds Not Covered for Misrepresentations in the Transfer of Real Estate
The situation is not uncommon: A buyer purchases a residence or piece of land, discovers material defects, and files suit against the seller based on fraud and negligent misrepresentation, seeking the cost of repairing the defective condition or rescission of the purchase agreement. Judging by the growing body of case law, the seller then tenders the suit to its liability insurer, typically under a homeowners or general liability policy.
Insurance carriers and most courts are in accord that there is no obligation to defend or indemnify the insured seller for third-party claims based on misrepresentations in the sale of real estate. On the broadest level, the majority of courts have concluded that these economic loss-type claims do not fall within the typical liability policy. More specifically, courts need look no further than the language of the Insuring Agreement, which generally requires, with some degree of variation depending on the policy, an occurrence, property damage, and a causative nexus between them.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.