§ 23-103-408 — Minimum search requirements

Arkansas § 23-103-408

• Jurisdiction: Arkansas
• Title: 23

Text

(a) A title insurance report or title insurance policy shall not be issued unless the title insurance agency or title insurance agent has caused to be made a search of the title from the evidence prepared from a title plant or files of the county where the property is located or from the records of the clerk or the ex officio recorder of land records of the county that maintains records relating to real estate and any interest in the county. (b) The search shall include a review of all matters affecting the title to the property or interest to be insured for a continuous period of not less than the immediately preceding thirty (30) years. (c) A title insurance policy shall not be issued until the title insurer or title insurance agent has caused to be made a determination of insurability of title in accordance with the title insurer's underwriting practices. (d) In conducting a search for the issuance of a title insurance policy, the title insurance agency and title insurance agent are acting only as agents of the title insurer and owe no duty to the insured. (e) (1) A cause of action for negligence does not exist by an insured under a title insurance policy against the title insurance agency or title insurance agent issuing the title insurance policy or against a title insurer for lack of reasonable care in searching and disclosing the state of title to the property. (2) The exclusive remedy of the insured for defects in title to the property that are not identified by the title search is to file a claim against the title insurance policy subject to the terms and conditions of the title insurance policy.

Legislative History

Amended by Act 2017, No. 1005,§ 1, eff. 8/1/2017. Acts 2007, No. 684, § 6; 2009, No. 1190, § 6.