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Deutsche Bank National Trust Co. v. Fidelity National Title Insurance Co.

United States District Court, D. Nevada

December 5, 2019

DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE FOR GSAA HOME EQUITY TRUST 2006-17, ASSET-BACKED CERTIFICATES SERIES 2006-17, Plaintiff,
v.
FIDELITY NATIONAL TITLE INSURANCE COMPANY, et al. Defendants.

          EARLY SULLIVAN WRIGHT Kevin S. Sinclair, Esq. Attorneys for Defendants FIDELITY NATIONAL TITLE INSURANCE COMPANY AND CHICAGO TITLE INSURANCE COMPANY

          WRIGHT, FINLAY & ZAK, LLP Matthew S. Carter, Esq. Attorneys for Plaintiff DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE FOR GSAA HOME EQUITY TRUST 2006-17, ASSET-BACKED CERTIFICATES SERIES 2006-17

          STIPULATION AND ORDER TO STAY CASE PENDING APPEAL

          HON JAMES C. MAHAN UNITED STATES DISTRICT JUDGE

         Plaintiff Deutsche Bank National Trust Company, as Trustee for GSAA Home Equity Trust 2006-17, Asset-Backed Certificates Series 2006-17 (“Bank”) and defendants Fidelity National Title Insurance Company and Chicago Title Insurance Company (“Insurers”) (collectively, the “Parties”), by and through their undersigned counsel, stipulate and agree as follows, subject to the approval of the District Court:

         WHEREAS, there are now currently pending in the United States District Court for the District of Nevada more than three dozen actions between national banks, on the one hand, and their title insurers, on the other hand (the “Actions”);

         WHEREAS, each of the Actions involves a title insurance coverage dispute wherein the national bank contends, and the title insurer disputes, that a title insurance claim involving an HOA assessment lien and subsequent sale was covered by a policy of title insurance;

         WHEREAS, in virtually all of these Actions, the title insurer underwrote an ALTA 1992 loan policy of title insurance with form 1 coverage, along with the CLTA 100/ALTA 9 Endorsement and either the CLTA 115.1/ALTA 4 Endorsement or the CLTA 115.2/ALTA 5 Endorsement (the “Form Policy”);

         WHEREAS, each of the Actions implicates common questions of interpretation of the Form Policy;

         WHEREAS, the national bank in one of these actions has now appealed a judgment of dismissal to the Ninth Circuit Court of Appeals, Wells Fargo Bank, N.A. v. Fidelity National Title Ins. Co., Ninth Cir. Case No. 19-17332 (District Court Case No. 3:19-cv-00241-MMD-WGC) (the “Wells Fargo II Appeal”);

         WHEREAS, the Parties anticipate that the Ninth Circuit Court of Appeals' decision in the Wells Fargo II Appeal will likely touch upon issues regarding the interpretation of the Form Policy and the reasonableness of the insurer's denial, that could potentially affect the disposition of the other Actions, including the instant action;

         WHEREAS, Insurers previously moved to stay the instant action pending the disposition of the Wells Fargo II Appeal (the “Motion to Stay”);

         WHEREAS of the Parties intend that the instant Stipulation is to withdraw and replace the previously filed Motion to Stay;

         WHEREAS the Parties agree that it is appropriate and desirous to stay the instant action pending the disposition of the Wells Fargo II Appeal, that a stay of the instant action will not prejudice either of the Parties, and that a stay of the instant action will best serve the interests of judicial economy (given the possibility that the Ninth Circuit Court of Appeals' decision on the Wells Fargo II Appeal might affect the disposition of this case);

         NOW THEREFORE, the Parties, by and through their undersigned counsel, ...


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