Cordaro v Harrington Bank Court of Appeals

NCAI remains committed to keeping you informed of recent legal issues affecting the appraisal industry in North Carolina. The NC Court of Appeals issued a decision this week that may impact appraisers and their clients. According to David Ferrell, our legislative consultant, the case is about the potential liability of a bank for providing an inaccurate appraisal value to its borrower in connection with a residential loan. The Court ultimately ruled that the borrower’s complaint failed to sufficiently plead a contractual duty owed to him by the bank with regard to the appraisal – so the Court upheld the trial court’s dismissal of the case. 

Click here to view a copy of the court opinion. We will also have a copy on our website for future reference. NCAI will continue to keep track of these issues.