Peoplessouth Bank v. Farmer & Malone, No. 1:11cv36 (WO), 2012 U.S. Dist. LEXIS 90925 (M.D. Ala. Jul. 2, 2012)

(bank hired law firm for title opinion before approving land as collateral for loan in 2007; law firm hired independent contractor to search county records; contractor’s handwritten note regarding timber lease on property not included in her summary and not received by attorney, so not included in bank’s title opinion; debtors defaulted in June 2009 and land received by bank in lieu of foreclosure in 2012; value of land decreased from appraised $1,230,750 at time of loan to $370,000 because of discovery of timber lease; bank notified by law firm of timber lease in September 2009 after debtor defaulted; bank filed suit against law firm January 2011; court held bank did not file suit within two years of receiving inaccurate title opinion nor was suit filed within six months of discovering omission as required by statute; case dismissed on statute of limitations grounds).