An amendment to the Title Insurance Act, 215 ILCS 155/26, was approved and will take effect on January 1, 2010. This legislation will impact disbursements made by title insurance companies and title insurance agents in connection with escrows, settlements, and closings in Illinois. The legislation prohibits disbursement from a fiduciary trust account unless the funds received from a single party are either "good funds" or "collected funds," as defined in the amendment... read more

 

For a detailed discussion of this topic and other changes to the closing process that go into effect January 1, 2010, attend the 2009 Harold I. Levine Real Estate Institute on November 5 (see ATTORNEYS | Practice Notes below).

 

 

David Huffman
Senior Vice President - Title Operations

 

 

The Illinois Land Title Association's President's Award is a special recognition given to individuals who took on additional work during the year to help the association achieve its goals. ATG Vice President Michael K. Brandt was the 2009 recipient.

 

“Mike co-chaired our legislative committee, which bears the enormous burden of reviewing all bills from both the Illinois Senate and the House that could impact the title business in Illinois,” explained Kirk Sterling, ILTA President. “Through Mike's efforts along with the rest of the Legislative Committee we were successful in introducing a ‘Good Funds’ bill that will benefit all title companies doing business in Illinois.”... read more

 

 

HUD Answers FAQs on New RESPA Rules - The new RESPA Rules issued by the Department of Housing and Urban Development (HUD) in late 2008 contained significant ambiguities and raised serious practical questions for settlement service providers. In response, HUD has provided guidance on some of those questions in the form of a Frequently Asked Questions (FAQ) sheet... read more

 

 

Vancura v Katris | The training of notaries to follow only the base requirement of the statutes does not protect an employer against negligent training claims when industry practice requires a greater standard of care... read more

 

Kumar v Bay Bridge | An owner was a bona fide purchaser for value without notice of a tax deed where tax deed notices were returned undeliverable to the predecessor in title and the tax deed was never recorded... read more

 

Burkett & Associates, Inc v Teymer | Broker's contract included ultimate buyer as a "protected buyer" and therefore sellers owed broker's commission upon sale... read more

 

 

 

 

Exception Language: Special Exceptions on Commitments and Policies Should be Specific | Policies that contain only general exceptions for specific restrictions on title can result in significant claim loss. Exceptions from coverage on a commitment or policy must be specific enough to give notice of the nature of a restriction on title... read more