Posted by Anonymous on 8/17/05 1:44pm
Msg #59662

Anybody been sued? Curious

I think you should carry a bond and E&O insurance. Anybody been sued? In last weeks paper, one of the nationwide lenders that runs commercials all the time is being sued in my state for upwards of $100MM. Let's just say they usually make lower quality loans. In the article, it mentions that the lawyers are suing the lender,s loan officers, title companies and....you guessed it the notary closing agents.

So has anyone be sued yet?

Reply by Kat Ca. on 8/17/05 2:25pm
Msg #59677

What state are yu in????

Reply by oldhippie_IL on 8/17/05 2:29pm
Msg #59679

You have got to be kidding, for what??

Reply by rfeliciano on 8/17/05 2:39pm
Msg #59681

I believe he/she (original poster) is most likely in FL.
There was a fairly large article in the Palm Beach Post
newspaper re: a notary who knowingly notarized deeds
where the owner of the dead was deceased, some type
of scam

sorry, not all the details but that is the gist of it if I
am not mistaken.

Reply by CarolynCO on 8/17/05 2:45pm
Msg #59682

** re: a notary who knowingly notarized deeds
where the owner of the dead was deceased, some type
of scam**

If a notary *knowingly* notarizes something illegal or something untrue, then he/she DESERVES to be sued!

Reply by Charles_CA on 8/17/05 5:49pm
Msg #59739

Re: Anybody been sued? Close

I am a real estate agent and I have gone after peoples' E&O insurance in instances of egregious conduct. I am involved in one right now but it wasn't the notary's fault, it was the loan officer. This loan officer really botched the funding for a group of condos I just bought by not following thorough on a contractual issue. I am going after his E&O insurance because he cost me a tenant and several months rental income by not being able to fund on time as well as incurring some penalties and increased pre-paid interest, if his E&O doesn't cover it all I'll go after his personal assets. Had it been the notary I would have gone after the notary. I am on the professional standards board at our board of Realtors and I see this a lot. If you cause financial damage you will very likely be sued. These days, especially in the high priced areas, a little mistake can cause substantial financial damage. This business is not play it is real life and has real life consequences.

Reply by kathy/ca on 8/17/05 6:13pm
Msg #59744

Charles, can you site an example of how a Notary can be sued

other than "knowingly" being invloved in a scam or doing something illegal? I am sure others would also like to know how and why someone in your shoes could go after the Notary. I just want to be sure to never find myself in that situation. Thanks, Kathy

Reply by Ted_MI on 8/17/05 8:37pm
Msg #59778

Re: Anybody been sued? Close

Charles,

Unfortunate that all this happened. You mentioned "if you cause financial damage you will very likely be sued". I think notaries might well be sued just by virtue of being part of a transaction that went awry. Now does that mean that a motion for summary judgment (with respect to the notary) might not succeed? No, it does not. It could well succeed.

Reply by TitleGalCA on 8/17/05 9:14pm
Msg #59788

Re: Anybody been sued? Close

Not only that but just the cost of defending yourself in one of those "sue everybody attached to the transaction" lawsuits could ruin you.

Reply by Lee/AR on 8/17/05 8:58pm
Msg #59784

Be very afraid... E&O doesn't care if you were right or wrong...just how cheap they can get away with paying out. It's usually cheaper for them to just pay out than fight a legal battle. And lawyers just sue everybody in sight---for the above stated reason. Oh, and 100mm just makes you a better target, IMHO.

Reply by Dmartz_IN on 8/17/05 9:35pm
Msg #59790

That is one reason i never give out my face amount of my E &O policies to anyone its none of their business. I learned this a long time ago being in the private investigation business also.