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Georgia Court of Appeals Reverses Verdict Against Title Insurer Over One Key Date

ATLANTA—The winner of the verdict in 2015 was lender and real estate investment group RM Kids, which wanted to set the loss on the date of closing its $11.4 million loan for the development, which was April 2007.

By Natalie Dolce | nataliedolce | | Updated on July 05, 2016
Judge Stephen Dillard Judge Stephen Dillard
ATLANTA—The Georgia Court of Appeals has reversed a $7.1 million breach of contract judgment against an insurance company in a dispute over whether a decades-old oil spill ruined plans for a residential real estate development. Judge Stephen Dillard wrote a 30-page opinion that examines the law surrounding contract disputes, bad faith claims, Daubert challenges to expert witnesses and start dates for interest on judgments. According to an article from GlobeSt.com sister publication, ALM’s DailyReportOnline.com, with Presiding Judge Herbert Phipps and Judge Nels Peterson concurring, Dillard dealt with seven claims of error in cross appeals from a trial before Gwinnett County Superior Court Judge Tom Davis. The appeals judges reversed Davis on one point—when to establish the date of the loss. That date led the panel to toss the verdict and remand the case for new trial. The date was crucial because of the 2008 crash in real estate prices in Atlanta and the rest of the country, the article says. The winner of the $7.1 million verdict in 2015 was lender and real estate investment group RM Kids. It wanted to set the loss on the date of closing its $11.4 million loan for the development, which was April 2007. The 151-acre tract was valued at $9 million. The jury’s verdict addressed the $7.1 million loss of value after the discovery of a title defect —ground water contamination from a petroleum leak in the early 1990s. Click here to read the full story.

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