We've written here previously about what is the biggest case against appraisers in terms of alleged damages. That case is Gibson, et al. v. Credit Suisse, Cushman & Wakefied, et al. The case is a reflection for appraisers about what is happening in the courts to their profession -- liabilities being pushed on them as the result of an epidemic of buyer's and lender's remorse, appraisal reviews being used as a tool against appraisers who delivered appraisals in the bubble years, appraisers testifying against each other for profit. The Gibson case is merely the billion dollar version of hundreds of smaller actions against other appraisers, both residential and commercial.
Cushman & Wakefield has been trying to get the case dismissed for the last 18 months with motions to dismiss based on principles no different than would be asserted by a residential appraiser in a much smaller action.
Click Here to Read Full Post
Tuesday, February 21, 2012
Thursday, February 16, 2012
What is the Statute of Limitations for a Lawsuit Against an Appraiser in my State?
The statute of limitations period for a professional
negligence claim against an appraiser ranges from 10 years in one particular New England state down to 1 year in a certain Southern
state. Application of
the "discovery rule" also varies widely.
In 2012, most lawsuits against both residential and commercial
appraisers continue to relate to appraisals performed at or near the
peak of the real estate price bubble, 2004 to mid-2008. Appraisers
dragged into these claims often ask us about the relevant statutes of
limitations. The question is usually something like: “I did the
appraisal in 2005, more than five years ago. I don’t even have the work
file anymore. Will the complaint be dismissed based on the statute of
limitations?”
While the answer to that question is usually not what the appraiser wants to hear, as we get further away from the bubble years, we are starting to see more cases defended successfully based on a statute of limitations defense. The defense will become more relevant day-by-day.
Because appraisers read and hear so many misconceptions about statutes of limitations, we have posted a new article and chart for LIA-insured appraisers and other appraiser members of READI in the Liability Prevention section of www.readimember.org. Here is a link to the article and chart, but registration is required to view the material. The article and chart provide information to appraisers about the relevant statutes of limitations periods for appraiser negligence, breach of contract and intentional fraud in all 50 states and also indicate whether the "discovery rule" will likely apply to appraiser negligence claims in each state. The research for the chart required many hours of labor on our part. It is important for appraisers to know that the laws vary greatly by state.
Click Here to Read Full Post
While the answer to that question is usually not what the appraiser wants to hear, as we get further away from the bubble years, we are starting to see more cases defended successfully based on a statute of limitations defense. The defense will become more relevant day-by-day.
Because appraisers read and hear so many misconceptions about statutes of limitations, we have posted a new article and chart for LIA-insured appraisers and other appraiser members of READI in the Liability Prevention section of www.readimember.org. Here is a link to the article and chart, but registration is required to view the material. The article and chart provide information to appraisers about the relevant statutes of limitations periods for appraiser negligence, breach of contract and intentional fraud in all 50 states and also indicate whether the "discovery rule" will likely apply to appraiser negligence claims in each state. The research for the chart required many hours of labor on our part. It is important for appraisers to know that the laws vary greatly by state.
Click Here to Read Full Post
Subscribe to:
Posts (Atom)
Posts
