Stephen H. Gilmore v. Chicago Title Book Reviews

Stephen H. Gilmore v. Chicago Title by Eastern District, Division Five Court of Appeals of Missouri Book Summary

Plaintiff, Stephen Gilmore, brought suit for monetary damages against defendants, Chippewa First Financial Bank (""Chippewa Bank""), Chicago Title Insurance Company (""Chicago Title""), and Phillips, McElyea, Walker and Carpenter, P.C. (""law firm""), alleging fraud in a transaction involving the purchase of real estate by plaintiff from Resort Development, Inc. (""Resort""). Plaintiff also filed a separate suit against Chicago Title for damages under a title insurance policy issued to plaintiff. The claims were consolidated at trial. Defendant Chippewa Bank counterclaimed for unpaid principal and interest on a note executed by plaintiff which was secured by a deed of trust on the property purchased. The claims of plaintiff and Chippewa Bank against each other were dismissed pursuant to a settlement agreement and are not part of this appeal. The trial court directed a verdict in favor of Chicago Title as to plaintiff's claim under the title insurance policy. The remainder of plaintiff's claims were tried by a jury which returned a verdict in favor of defendants. 1 The court entered judgment on the verdict; and it is from that judgment and the court's grant of Chicago Title's motion for directed verdict which plaintiff appeals. We affirm. Plaintiff, a lawyer, settled a substantial lawsuit in 1984 and 1985. Concerned about what to do with the fees received, plaintiff began exploring investment options. He first learned of Breckenridge-on-the-Lake, a real estate development at the Lake of the Ozarks, in March of 1985 from Thomas Zeisler. Mr. Zeisler referred him to Resort which was selling interests in the development. Plaintiff entered into a real estate sale contract with Resort on March 31, 1985. Plaintiff agreed to purchase Unit 1-6 for $110,000.00. Plaintiff made a $22,000.00 down payment on the property and financed the remainder of the purchase price with a note held by Chippewa Bank. The note was secured by a deed of trust on the property granted by plaintiff to Chippewa Bank.

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