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U.S. Bank National Association v. Chicago Title Insurance Co.

United States District Court, D. Nevada

January 3, 2020

U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE GSAMP TRUST 2006-HE2 MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-HE2, Plaintiff,
v.
CHICAGO TITLE INSURANCE COMPANY, Defendants.

          Kevin S. Sinclair, Esq., Nevada Bar No. 12277 Sophia S. Lau, Esq., Nevada Bar No. 13365 EARLY SULLIVAN WRIGHT GIZER & McRAE LLP Attorneys for Defendant CHICAGO TITLE INSURANCE COMPANY

          Christina V. Miller, Esq. Nevada Bar No. 12448 Lindsay D. Robbins, Esq. Attorneys for Plaintiff U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE GSAMP TRUST 2006-HE2 MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-HE2

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

          Gloria M. Navarro, District Judge United States District Court

         Plaintiff the U.S. Bank National Association, as Trustee for the GSAMP Trust 2006-HE2 Mortgage Pass-Through Certificates, Series 2006-HE2 (“U.S. Bank”) and defendant Chicago Title Insurance Company (“Chicago Title”) (collectively, the “Parties”), by and through their undersigned counsel, stipulate and agree as follows, subject to the approval of the District Court:

WHEREAS, U.S. Bank filed this action on October 4, 2019;
WHEREAS, U.S. Bank caused the complaint and summons to be served on Chicago Title on January 2, 2020;
WHEREAS, Chicago Title's current deadline to respond to the Complaint is January 23, 2020;
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 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 Circuit Court of ...

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