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STEWART TITLE GUAR. CO. v. PARK

No. 99-56366.

250 F.3d 1249 (2001)

Stewart Title Guaranty Co., a Texas Corporation, Plaintiff-Appellant, v. Theodore A. Park; Mortgage Link, Defendants-Appellees, and John R. Liberator, Interim Real Estate Commissioner of the State of California, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Filed May 18, 2001.

Attorney(s) appearing for the Case

Jerald E. Gale and Ronald A. Gorrie, Los Angeles, California, for appellant Stewart Title Guaranty Company.

Bonnie Holcomb, Deputy Attorney General, Los Angeles, California, for appellee John R. Liberator, Interim Real Estate Commissioner of the State of California.

Before: PROCTER HUG JR. and BETTY B. FLETCHER, Circuit Judges, and SUSAN Y. ILLSTON, District Judge.

Argued and Submitted March 6, 2001 — Pasadena, California.

BETTY B. FLETCHER, Circuit Judge:

We decide an issue of first impression: Whether, under California Business and Professions Code § 10471(a), a title insurance company that satisfied its obligations to its insured following embezzlement by a mortgage broker is entitled to payment from the State of California Department of Real Estate Recovery Account to recover a portion of an unsatisfied...

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