Marchetti v. Chicago Title Ins. Co.

Federal 7th Circuit Court
Civil Court
Insurance
Citation
Case Number: 
No. 15-1240
Decision Date: 
July 12, 2016
Federal District: 
N.D. Ill., E. Div.
Holding: 
Affirmed

Dist. Ct. did not err in granting defendant-title company’s motion for summary judgment in action by plaintiffs-insureds seeking $125,500 from defendant, which had issued title insurance policy to plaintiffs on property that had been sold to them by individual who did not own said property, where plaintiffs in essence sought $37,500 that defendant had received from seller of said property, as well as $88,000, which represented difference between appraised price for said property and what defendant had paid to plaintiffs’ lender, which in turn released plaintiffs from obligation to pay on mortgage note. Language in policy did not obligate defendant to pay plaintiffs market value for property that had reverted back to true owner, and plaintiffs did not show that they had incurred actual monetary loss arising out of their purchase of property where plaintiffs had no equity interest in property and its mortgage note had been extinguished.