LEO: Title Insurance - Attorney Participation LE Op. 545

 

Title Insurance - Attorney Participation in Company.

 

March 1, 1984

 

It is not improper for an attorney to participate in a title insurance

agency as a shareholder, when the management of the agency is restricted

to an organization in which one or more of the attorneys/agency

shareholders have ownership control, and where agency shareholders receive

agency profits as a result of timely distributions as opposed to direct

commissions or payments of profits with respect to specific policies at

closing transactions.

 

To the extent 38.1-733.1 of the Code of Virginia may apply, the

attorney may be in violation of Disciplinary Rule 1-102(A)(3) [ DR:1-

102]. [ LE Op. 187]

 

Committee Opinion March 1, 1984

 

CROSS REFERENCES

 

See also LE Op. 591, LE Op. 603, and LE Op. 825.