Opinion
2:21-cv-00415-KJD-VCF
10-12-2023
BANK OF AMERICA, N.A., Plaintiff, v. NORTH AMERICAN TITLE INSURANCE COMPANY, Defendant.
SINCLAIR BRAUN KARGHER LLP, KEVIN S. SINCLAIR Attorneys for Defendants NORTH AMERICAN TITLE INSURANCE COMPANY WRIGHT FINLEY & ZAK, DARREN T. BRENNER Attorneys for Plaintiff BANK OF AMERICA, N.A.
SINCLAIR BRAUN KARGHER LLP, KEVIN S. SINCLAIR Attorneys for Defendants NORTH AMERICAN TITLE INSURANCE COMPANY
WRIGHT FINLEY & ZAK, DARREN T. BRENNER Attorneys for Plaintiff BANK OF AMERICA, N.A.
STIPULATION AND ORDER TO STAY CASE
HON. KENT J. DAWSON DISTRICT COURT JUDGE.
COMES NOW defendant North American Title Insurance Company (“North American”) and plaintiff Bank of America, N.A. (“BANA”), by and through their respective attorneys of record, which hereby agree and stipulate as follows:
WHEREAS This is one of over 100 title insurance coverage disputes pending before the courts within the state of Nevada following an HOA foreclosure sale. Virtually all of these actions concern the form ALTA 1992 or ALTA 2006 loan policy of title insurance, along with the CLTA 100/ATLA 9 endorsement and potentially a CLTA 115.2/ATLA 5 or CLTA 115.1/ALTA 4 endorsement;
WHEREAS The parties have met and conferred and believe that a stay of this action is warranted. On April 11, 2023, the Nevada Supreme Court heard oral argument in two actions involving similar coverage disputes, PennyMac Corp. v. Westcor Land Title Ins. Co., Nevada Supreme Court Case No. 83737 (“PennyMac”) and Deutsche Bank Nat'l Trust Co. v. Fidelity Nat'l Title Ins. Co., Nevada Supreme Court Case No. 84161 (''Deutsche Bank''). The Parties anticipate that the Nevada Supreme Court's forthcoming decision in the Appeals may touch upon issues of interpretation of the form policy and endorsements which could potentially affect the disposition of this action, as the Appeals involve the interpretation of the same form policy and endorsements as are at issue here;
WHEREAS the Parties believe a stay in the instant action will best serve the interests of judicial economy. To that end, the Parties hereby stipulate and agree that the instant case shall be stayed pending the resolution of the PennyMac and Deutsche Bank Appeals. The Parties further agree that any of the Parties who wishes to terminate the stay shall provide notice to the Court and other parties, and shall not be required to submit a motion requesting that the stay be lifted. The stay shall automatically terminate fourteen (14) days after the party provides such notice. The currently pending dispositive motions shall be rendered moot by the entry of the instant stay, without prejudice to their refiling upon the lifting of the stay. North American shall have 30 days from the lifting of the stay in order to file its responsive pleadings.
NOW THEREFORE, the parties stipulate and agree as follows, subject to the approval of the District Court:
1. This case shall be STAYED pending the resolution of the PennyMac and Deutsche Bank Appeals, at which point the stay shall automatically lift after fourteen (14) days;
2. All deadlines currently set in this case are hereby VACATED;
3. North American's Motion to Dismiss (ECF No. 28) and BANA's Counter motion for Partial Summary Judgment (ECF No. 32) are hereby DENIED AS MOOT, without prejudice to their refiling upon the termination of the stay
4. Any of the Parties may terminate the stay in this action by filing a notice of termination with the Parties and Court, at which point the stay shall automatically lift after fourteen (14) days. No party shall be required to submit a motion to have the stay lifted;
5. North American's responsive pleadings shall be submitted thirty (30) days after the date the stay is automatically lifted.
IT IS SO ORDERED.