On or about December 2, 1960, defendant issued a title insurance policy in the sum of $10,500 on plaintiff's purchase of two separate parcels of land consisting of about 45 acres. The policy insured that plaintiff would receive "fee title" to the property. When plaintiff discovered that its title was the unexpired term of a 2- to 1,000-year tax lease, it instituted an action pursuant to RPAPL article 15 to perfect title. That action resulted...
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