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Article: Court refuses to kill ban on sale of title insurance. (Supreme Court)
- Article from:
- American Banker
- Article date:
- June 15, 1993
- Author:
CopyrightCOPYRIGHT 1993 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- The Supreme Court declined Monday to review a decision barring Chase Manhattan Bank from selling title insurance.
Though few banks are affected, Supreme Court's move is seen as a setback to banks' efforts to broaden their powers. Just a week earlier, the court had handed banks a victory by ruling the can sell insurance from branches in towns with fewer than 5,000 people.
The Chase Manhattan Corp. unit will have to stop selling title insurance in the U.S. Court of Appeals for the Second Circuit, which consists of New York, Vermont, and Connecticut. The decision does not prevent, insuranse sales in other states, said Ford Barrett, assistant ...