California Court Reverses Damage Award Stemming From LandAmerica Bankruptcy

Damages suffered when the nation’s third-largest title insurer and its wholly owned subsidiary, LandAmerica 1031 Exchange Services Inc., filed for Chapter 11 protection weren’t shown to be foreseeable consequences of the parties to a like-kind exchange failing to meet an escrow deadline, the California Court of Appeal held Feb. 18 (Ash v. N. Am. Title Co., Cal. Ct. App., B237404, 2/18/14).

Justice Richard M. Mosk, writing for the California Court of Appeal for the Second Appellate District, reversed a jury verdict of $1.3 million in damages awarded for the delay and ultimate disqualification of a tax code Section ...