Analysis

'Title Pirates' Plague Attys With False Deeds That Derail Deals

Law360 (September 20, 2019, 2:20 PM EDT) -- After a recent multibillion-dollar hotel portfolio sale reportedly stalled because of multiple fake deeds, lawyers say they must be on the lookout for "title pirates" who can easily delay or derail deals by filing fraudulent deeds because there's no foolproof system in place to catch them.

China-based Anbang Insurance Group Co. recently reached a deal to sell a portfolio of 15 hotels to South Korea's Mirae Asset Global Investments for north of $5.8 billion, but the closing of that sale was held up when fake deeds for multiple hotels in the portfolio were discovered, according to a report earlier this month...

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