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GERROLD v. PENN TITLE INS. CO.

271 N.J. Super. 50 (1994)

637 A.2d 1293

PETER GERROLD, PLAINTIFF-APPELLANT, v. PENN TITLE INSURANCE CO., DEFENDANT/THIRD-PARTY PLAINTIFF-RESPONDENT, v. TROIKA AFFILIATES, INC., THIRD-PARTY DEFENDANT.

Superior Court of New Jersey, Appellate Division.

March 11, 1994.

Attorney(s) appearing for the Case

Charles J. Lange, Jr., attorney for appellant (Mr. Lange on the brief).

Jack E. Milkis, P.C., attorney for respondent (Mr. Milkis on the brief).

Before Judges KING, HAVEY and ARNOLD M. STEIN.

The opinion of the court was delivered by ARNOLD M. STEIN, J.A.D.

We affirm the order granting summary judgment in favor of defendant, Penn Title Insurance Company, because the mortgagee's failure to pay the promised funds to the mortgagor was not a covered risk under the title insurance policy.

On April 12, 1990, a title insurance binder was issued to third-party defendant, Troika Affiliates, Inc., "its successors and/or assigns as their interest may appear...

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