Chautauqua Abstract Co. Adopts Conduct Principles
|August 25, 2008
The Chautauqua Abstract Company, located in Mayville, has formally adopted the Principles of Fair Conduct of the American Land Title Association.
The principles are part of a national consumer initiative launched by the ALTA to ensure the ethical and fair treatment of consumers along with the education of consumers and federal and state legislators to better understand the title industry. In the context of real estate, title means the legal right to own and possess property, to transfer it or a partial interest in it to others, to devise it by last will and testament and to use it as collateral to borrow money.
Jon Ortendahl, CACo president and general manager, confirmed to the company's board of directors at its most recent meeting that the existing standard operating procedures of the company already comply with the principles, which are stated as follows:
- to engage only in business practices that are lawful and consistent with a high standard of ethical behavior.
- to encourage a culture of compliance within their organizations for federal and state laws that govern the title insurance business and for these principles.
- to treat consumers in a fair and ethical manner.
- to provide consumers with timely and comprehensive information regarding their policies, services, products, and prices to enable them to shop effectively among providers of title-related services.
- to encourage and assist consumers to be educated purchasers of title insurance and title-related services.
The Chautauqua Abstract Company was founded in 1909. Since 1983, it also maintains a branch office in Cattaraugus County known as Empire Search Company in Little Valley, managed by Susan K. Johnson. It provides title and tax searches, title insurance and related services to attorneys, banks, oil and gas companies, timber companies and sellers and purchasers of real estate.
Source: Chautauqua Abstract Company