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RTC v. URBAN REDEVELOPMENT AUTHORITY

536 Pa. 219 (1994)

638 A.2d 972

RESOLUTION TRUST CORPORATION, As Receiver for First Federal Savings & Loan Association of Pittsburgh, v. URBAN REDEVELOPMENT AUTHORITY OF PITTSBURGH and Verex Assurance, Inc. Appeal of URBAN REDEVELOPMENT AUTHORITY OF PITTSBURGH.

Supreme Court of Pennsylvania.

Decided March 16, 1994.

Attorney(s) appearing for the Case

Robert M. Brown, Scott D. Cessar, Eckert, Seamans, Cherin & Mellott, Pittsburgh, for appellant.

John Lucas, Meyer, Unkovic & Scott, Pittsburgh, for Resolution Trust Corp.

Jeffrey Morris, Sable, Makoroff & Gusky, P.C., Pittsburgh, for Verex Assurance, Inc.

John W. Fahnestock, Jr., Pittsburgh, for amicus curiae Pittsburgh Nat. Bank.

Before NIX, C.J., and LARSEN, FLAHERTY, ZAPPALA, PAPADAKOS, CAPPY and MONTEMURO, JJ.

OPINION

ZAPPALA, Justice.

The sui generis issue with which we are presented is whether a mortgagee financial institution or a mortgage guaranty insurance company should be held responsible for the misrepresentations of a mortgagor. Because the mortgage guaranty insurance company, in the absence of a policy provision, may show through custom in the trade that the mortgagee financial institution is responsible for the misrepresentations of a mortgagor...

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