Idaho Code 45-1205 – Liability of Title Insurance Agent or Underwriter
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 45-1205
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Title agent: means a title insurance agent duly licensed as an organization under chapter 27, title 41, Idaho Code. See Idaho Code 45-1201
- Title insurer: means a title insurer duly authorized to conduct business in the state of Idaho under title 41, Idaho Code. See Idaho Code 45-1201
- Trust deed: means a trust deed as defined in section 45-1502, Idaho Code. See Idaho Code 45-1201
In the event that a trust deed is reconveyed by a title insurer or title agent purporting to act under the provisions of this chapter, but the obligation secured by the trust deed has not been fully paid, the title insurer or title agent effecting such reconveyance shall be liable to the beneficiary of the trust deed for the damages suffered as a result of such improper reconveyance only if the title insurer or title agent failed to substantially comply with the provisions of section 45-1203 or 45-1204, Idaho Code, or acted with negligence or in bad faith in reconveying the trust deed.