Acme Real Estate Ventures owns a small shopping center. Acme's ownership is insured by an owner’s title insurance company. Acme sells the shopping center to Farris Investments. Farris reviews Acme’s insurance policy showing ownership in Acme and does a title examination from the date of that policy that shows that Acme has not sold the property. Farris buys the property but does not get an owner’s policy of title insurance. Later Farris discovers that Acme did not own the property, as there was a forged deed to one of the previous owners. Can Farris make a claim against the Acme policy?
Fill in the blank(s) with the appropriate word(s).
Farris does not have a claim against Acme’s title insurance policy. Owner’s policies of title insurance are not transferable from one owner to another. If Farris sues Acme on its warranties in its deed to Farris, Acme will have a valid claim against its insurance policy to defend the action by Farris and to reimburse Acme for any loss that it incurs in the action.
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