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The Bank of New York Mellon v. Commonwealth Land Title Insurance Co.

United States District Court, D. Nevada

December 6, 2019

THE BANK OF NEW YORK MELLON, FKA THE BANK OF NEW YORK, AS TRUSTEE FOR THE CERTIFICATE HOLDERS CWALT, INC., ALTERNATIVE LOAN TRUST 2006-19CB, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-19CB, Plaintiff,
v.
COMMONWEALTH LAND TITLE INSURANCE COMPANY, Defendant.

          Kevin S. Sinclair, Esq., Sophia S. Lau, Esq., EARLY SULLIVAN WRIGHT GIZER & McRAE LLP, Attorneys for Defendant COMMONWEALTH LAND TITLE INSURANCE COMPANY.

          WRIGHT, FINLAY & ZAK, LLP, Christina V. Miller, Esq., Lindsay D. Robbins, Esq., Attorneys for Plaintiff THE BANK OF NEW YORK MELLON, FKA THE BANK OF NEW YORK, AS TRUSTEE FOR THE CERTIFICATE HOLDERS CWALT, INC., ALTERNATIVE LOAN TRUST 2006-19CB, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-19CB.

          STIPULATION AND PROPOSED ORDER TO STAY CASE PENDING APPEAL AND EXTENDING DEADLINE TO RESPOND TO COMPLAINT (FIRST REQUEST)

          GLORIA M. NAVARRO, DISTRICT JUDGE.

         Plaintiff The Bank of New York Mellon, fka the Bank of New York, as Trustee for the Certificate Holders CWALT, Inc., Alternative Loan Trust 2006-19CB, Mortgage Pass-Through Certificates, Series 2006-19CB (“Bank”) and defendant Commonwealth Land Title Insurance Company (“Insurer”) (collectively, the “Parties”), by and through their undersigned counsel, stipulate and agree as follows, subject to the approval of the District Court:

         WHEREAS, Bank filed this action on September 11, 2019;

         WHEREAS, Bank caused the complaint and summons to be served on Insurer on November 25, 2019;

         WHEREAS, Insurer's current deadline to respond to the Complaint is December 16, 2019;

         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. No. 19-17332 (District Court 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 both of 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 ...


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