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DLJ Mortg. Capital, Inc. v. Kontogiannis

Court of Appeals of New York

November 14, 2013

DLJ MORTGAGE CAPITAL, INC., Appellant,
v.
Thomas KONTOGIANNIS, et al., Defendants, Chicago Title Insurance Company, Inc., et al., Respondents.

Hahn & Hessen LLP, New York City (John P. Amato, Robert J. Malatak and Annie Power of counsel), for appellant.

Herrick, Feinstein LLP, New York City (Arthur G. Jakoby and Adam J. Stein of counsel), for Chicago Title Insurance Company, Inc., respondent.

DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, White Plains (Michael J. Schwarz and Lee S. Wiederkehr of counsel), for United General Title Insurance Co., Inc., respondent.

MEMORANDUM:

The order of the Appellate Division should be affirmed, with costs, and the certified question answered in the affirmative. As a matter of law, DLJ, as a third-party purchaser of mortgages on the secondary mortgage market, cannot rely on pre-closing documents to establish that a proper conveyance and recording of the underlying property occurred or that title insurance for the property was issued ( see Citibank v. Chicago Tit. Ins. Co., 214 A.D.2d 212, 219, 632 N.Y.S.2d 779 [1st Dept.1995], lv. dismissed 87 N.Y.2d 896, 640 N.Y.S.2d 879, 663 N.E.2d 921 [1995] ). The Appellate Division correctly determined that any such reliance was unjustifiable.

Chief Judge LIPPMAN and Judges GRAFFEO, READ, SMITH, PIGOTT, RIVERA and ABDUS-SALAAM concur.

On review of submissions pursuant to section 500.11 of the Rules of the Court of Appeals (22 NYCRR 500.11), order affirmed, with costs, and certified question answered in the affirmative, in a memorandum.


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