10th Circ. Says Lender Can Transfer $3.5M Property Claim

Law360, New York (February 6, 2014, 7:02 PM EST) -- The Tenth Circuit on Thursday allowed a Colorado commercial building owner to take on its mortgage lender's rights under a property insurance policy, ruling in a published opinion that an anti-assignment provision did not apply to its $3.5 million policy claim.

Reversing a district court, a unanimous panel ruled that an American Modern Home Insurance Co. policy did not prevent Heartland Financial USA Inc., the named insured, from assigning its rights to recover property damage payouts tied to a burglary at its mortgagor City Center West...
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