§ 427. Compensation from assurance fund. Any person who, without
negligence on his part, sustains loss or damage or is deprived of real
property, or of any estate, right or interest therein because of the
registration of another person as owner of such property, or of any
estate, right, or interest therein, through fraud, or in consequence of
any error, omission, mistake or misdescription in any certificate of
title or in any entry of or memorial in the title book, shall have a
cause of action against the county treasurer (in New York city the
commissioner of finance) to recover compensation for such loss or
damage.