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Lawyers who act as title agents are in a unique position as "producers of title insurance" under the Illinois Title Insurance Act, and "client advisors" under the Illinois Rules of Professional Conduct. Careful adherence to the legal and ethical responsibilities when acting as a lawyer/title agent is always required.

 

A recent opinion and recommendation by the Hearing Board of the Illinois Attorney Registration Board in the case of In re Andrew Rukavina provides helpful guidelines on the written disclosures lawyers/title agents must provide their clients and other parties in real estate transactions. This article outlines the facts, findings, and disciplinary recommendations in the Rukavina case and analyzes how the new Rules of Professional Conduct just approved by the Illinois Supreme Court will impact disclosure by lawyers/title agents... read more

 

Jerry T. Gorman
Senior Vice President - Downstate Operations

 

 

Good Funds Law - Indiana House Bill 1374 went into effect July 1, 2009. All funds received in a real estate transaction in amounts of $10,000 or more must be in the form of a wire before a title company can disburse. Checks in this amount will no longer be acceptable. Amounts less than $10,000 must be good funds. Read our Legislative Update for more information. See also "Buying a Home? Your Check Not Accepted Here" by Michael Taylor, Indianapolis Real Estate Examiner.

 

 

Beneficiary after Divorce - Our friends at the prestigious employee benefit consulting firm of McKay Hochman sent us this important article on spousal beneficiary designation in retirement plans:

 

In a 9-0 decision, the Supreme Court has ruled that Kennedy v Plan Administrator for DuPont Savings acted correctly by paying a deceased worker's retirement benefits to his ex-wife even though she had previously waived her right to the benefits as part of their divorce settlement... read more

 

The bottom line is, do not assume anything in these cases. Check with the plan administrator and make sure the beneficiary designation is what your client wants it to be, not just what they think it might be.

 

 

JP Morgan Chase Bank v Frankhauser | Court must conduct an evidentiary hearing to determine the conscionability of a foreclosure sale where interested party presented valuation evidence... read more

 

LaSalle Bank v Ferone | A mortgagee is presumed to have notice of the property and its occupants, as well as the occupants' claims to its agents... read more

 

Reich v Lincoln Hills Christian Church, Inc | Agreement to sell property not signed by life tenant violated the Statute of Frauds... read more

 

Trailwood Ventures, LLC v Village of Kronenwetter | The court does not have the power to increase a property owner's tax burden in a Section 74.37 claim for reassessment and reimbursement of property taxes... read more

 

 

As of July 1, 2009, Wisconsin Real Estate Transfer Returns (RETR) must be filed electronically. This change is part of 2007 Act 219, signed by Governor Doyle on April 7, 2008. Since the legislation was enacted, the e-file rate for RETR's has climbed to 60%... read more

 

 

 

Are you underwater with your mortgage? Attorneys' Title Guaranty Fund, Inc. (ATG) and its co-sponsors have organized a free Fix Your Loan, Keep Your Home workshop on August 1 in Madison, Wisconsin, for troubled borrowers... read more

 

 

Even White Sox fan Bill McAlister (second from left, Supervising Attorney, Codilis & Associates, P.C., Burr Ridge, Illinois), enjoyed the baseball action at Busch Stadium where the St. Louis Cardinals faced the Chicago Cubs. At left is Mitch Lieberman (Partner, Noonan & Lieberman, Ltd., Chicago), seated is Denis Pierce, ATG Top Member (Pierce & Associates, Chicago), with Peter Birnbaum (President, Attorneys' Title Guaranty Fund, Inc., Chicago) at far right. Lieberman and McAllister were featured speakers at the ATG Legal Education Program held earlier in the day, Foreclosure Workshop II... more photos