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Tag Archives: Appraisal

Tort/Negligence – Negligent Misrepresentation Claim – Real Property – Appraisal — Indirect Reliance – Fraud – Punitive Damages (access required)

Abraham v. Jauregui In their negligent misrepresentation claim, the plaintiff-purchasers allege that, by relying on appraisal management company HomeFocus Services, LLC’s and Bank of America’s actions in approving plaintiffs’ loan applications, plaintiffs were also relying, albeit indirectly, upon the defendant-appraisers’ representations provided to HomeFocus and Bank of America, which were contained in the appraisal reports. However, in order to state a claim for negligent misrepresentation, plaintiffs must allege direct rather than indirect reliance.

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Insurance – Fire Damage – Appraisal – Causation & Coverage Issues (access required)

Glendale LLC v. Amco Insurance Co. Where the defendant-insurer’s appraiser and the appraisal umpire incorporated issues of causation and coverage into their appraisal of the fire damage to plaintiff’s restaurant, the appraisal is invalid. Plaintiff’s motion for partial summary judgment is granted as to the only damages item on which the parties agree: $14,839 in lost perishable goods. Otherwise, the parties’ cross-motions for summary judgment are denied.

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Real Property – Condemnation – Damages – Temporary Construction Easement – Evidence – Expert Witness — Appraisal – Entire Lot (access required)

City of Charlotte v. Combs An expert’s testimony about damages from a temporary construction easement (TCE) should have been excluded because his failure to appraise the entire lot was based only on his experience that the remainder of a lot is not affected by a TCE. Defendants are entitled to a new trial.

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Tort/Negligence – Banks & Banking – Fiduciary Duty – Fraud – Unfair Trade Practices – Real Property – Appraisal (access required)

Allran v. Branch Banking & Trust Corp. (Lawyers Weekly No. 11-15-0698, 14 pp.) (Calvin E. Murphy, J.) N.C. Bus. Ct. Holding: The plaintiff-borrower alleges that the defendant-bank (1) failed to reveal that the land the borrower was buying was not worth the purchase price and (2) falsified closing documents; these allegations are not sufficient to show any fiduciary duty or fraud, but they are sufficient to state a claim of unfair and deceptive trade practices. The bank’s motion to dismiss is granted as to plaintiff’s claims of breach of fiduciary duty, constructive fraud, fraud, and fraud in the inducement. The motion to dismiss is denied as to plaintiff’s unfair trade practices claim.

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