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States Attorney admits that defendant did not own property sold by Bankruptcy Trustee....Does not want jury to know. Case Number 2001-CF-2701, State of Illinois, The Circuit Court of the 17th Judicial Circuit, County of Winnebago, Rockford, IL.
Cash from trust accounts used to hire friends and relatives at Intercounty Title Co. of Illinois, pay off personal credit cards and renovate a golf course, the indictment said.
Escrow agents have a duty to disclose known fraud. Title company might incur liability under fraud and negligence claims relation to fraudulent transactions, but liability of Title company stems from the doctrine of respondeat superior.
March 30, 2005 decision which further clarifies the fact that, in the Case set forth on these pages, the Bankruptrcy Court lacked authority either to review or negate the FINAL JUDGMENT ORDER entered in Case Number 97-ED-1, on October 27, 1998, by the Circuit Court of the 17th Judicial Circuit, County of Winnegbago, Rockford, IL, which confirmed the Public Title Records of Winnebago County that Debtor Clarence L. Vance had no title interest in the subject property after 1983, and the fact that the Bankruptcy Court lacked lawful authority to "authorize" a "Sale" of the subject property. The Exxon-Mobil Decision is also cited as 161 L.Ed.2d. 454.
Title insurance firms rake in $18 billion a year for a product that is outdated, largely unneeded--and protected by law.
A title company is in legal hot water again, and this time the suit includes federal charges that demand restitution in the billions.
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