Two Benton Co. Companies Face Suits
by January 25, 2010 12:00 am 71 views
Old Republic National Title Insurance Co. recently filed a lawsuit against two companies in Benton County.
Old Republic has named Access Title LTD and Northwest Escrow Services Inc. in the lawsuit filed in U.S. District Court in Fayetteville.
Old Republic said in the lawsuit that an investigation has revealed that Access has issued more than $215,000 of lien payoff checks and other checks in the course of closing real estate transactions, but the money wasn’t available in Access’ account. Old Republic was then on the hook to cover the cost, it said.
Old Republic also said Access has failed to hand over insurance premiums it collected on behalf of Old Republic. Old Republic said Access’ escrow accounts will be short more than $831,000.
Similarly, Old Republic said Northwest Escrow issued $467,000 worth of lien payoff checks and didn’t have enough money in its account to cover the costs.
Old Republic is suing both companies on several counts and is seeking an unspecified amount of damages and access to both companies books.
David McCabe, who has an ownership interest in Northwest Escrow, said the company is working with Old Republic to locate the missing money.
An attorney for Access declined to comment on the complaint.