TITLE 71. MORTGAGES, PLEDGES, AND LIENS

CHAPTER 1. MORTGAGES

Part 3. Small Tract Financing

Liability Of Title Insurer Or Title Insurance Producer

71-1-310. Liability of title insurer or title insurance producer. A title insurer or title insurance producer who reconveys a trust indenture is liable to the beneficiary for damages suffered by the beneficiary as a result of the reconveyance if:

(1) the obligation secured by the trust indenture is not fully paid;

(2) the title insurer or title insurance producer failed to comply with the provisions of 71-1-308; or

(3) the title insurer or title insurance producer acted with gross negligence or in bad faith in reconveying the trust indenture.

History: En. Sec. 4, Ch. 413, L. 2005.