PROPERTY ASSET MANAGEMENT v. CHICAGO TITLE INS.

Docket No. 98-7701.

173 F.3d 84 (1999)

PROPERTY ASSET MANAGEMENT, INC., Plaintiff-Appellant, v. CHICAGO TITLE INSURANCE CO., INC., Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided April 12, 1999.


Attorney(s) appearing for the Case

Aaron R. Cahn, Olshan Grundman Frome Rosenzweig & Wolosky, New York, NY, for Plaintiff-Appellant.

Samuel Kirschenbaum, Kirschenbaum & Kirschenbaum, P.C., Garden City, NY, for Defendant-Appellee.

Before: NEWMAN, WALKER, and CALABRESI, Circuit Judges.


CALABRESI, Circuit Judge.

Property Asset Management, Inc. ("PAMI") is a wholly-owned subsidiary of Lehman Brothers. In this diversity action, PAMI seeks to sue Chicago Title Insurance Co. ("Chicago") on a title insurance policy that Chicago issued. Chicago argues, and the court below found, that PAMI is not a proper party to assert a claim under that policy. We agree and affirm.

BACKGROUND

The events giving rise to this litigation began in June 1989...

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