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October 2010 | Volume 3 • Number 9
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Update from ATG Administration
Check and Wire Transfer Fraud – A Growth Industry
Title Agents and Lawyers: Be Wary and Protect Yourselves
Check and wire fraud is a very serious and growing problem. Fraudsters target small- and medium-sized organizations using various forms of "malware" (malicious software) designed to leverage your internal control weaknesses and the weaknesses in the wire transfer and Automated Clearing House (ACH) processes — the mechanisms that let banks and other financial institutions process checks and other forms of payment.
If you aren't careful, they can put you out of business. A title underwriter lost $400,000 earlier this year, and more recently a title agent lost $290,000. You must take steps to protect your clients' funds... read more Ronald Trubiana |
ATG MEMBERS | Underwriters' Bulletin, Member Events
CLAIMS CORNER
Liens
Sanitary Sewer District Liens — While a sanitary district may attach liens on property for unpaid charges, these liens do not have super priority status... read more
PROCEDURAL UPDATE
ATG Requires Co-Exam Approval to Issue — ATG Regulations require a co-exam (having an ATG underwriter review a commitment, policy, and/or Date Down Endorsement for approval to issue) in the following situations... read more
MEMBER EVENTS
November 18
Annual Shareholders' Meeting/CEO Update
following the Harold I. Levine Institute Don't Forget to Return Your Proxy Card!
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ATTORNEYS | Practice Notes
REAL ESTATE AND TITLE INSURANCE NEWS
Title Insurance
The 2010 Good Funds Provisions — Amended Effective January 1, 2011 — Public Act 96-645 took effect in Illinois on January 1, 2010. It amended the Title Insurance Act by placing restrictions on the types of funds that may be disbursed for escrows, settlements, and closings from a closing agent's fiduciary trust account. This article summarizes the good funds provisions of the Title Insurance Act, added in 2010 and amended effective January 1, 2011... read more
TRUST AND ESTATE PLANNING NEWS
Legislation
Patient Protection and Affordable Care Act Highlights — The Patient Protection and Affordable Care Act (PPACA) was signed into law on March 23, 2010. A companion package of "fixes" to PPACA, the Health Care and Education Reconciliation Act (HCERA), was signed on March 30, 2010. Taken together, these two bills make the most profound changes to our country's private-market health care system in 50 years... read more
CASENOTES
Illinois
Mechanic's Liens
Roberts v Adkins — Even if an original oral contract is for less than $1,000, the Home Repair and Remodeling Act requires a written contract whenever the agreement exceeds $1,000... read more
Indiana
Fraud
Shi v Yi — A creditor only has a cause of action against a debtor for fraudulent transfer under the Indiana Uniform Fraudulent Transfer Act, not a title insurer which neither granted nor received title to the property... read more
Wisconsin
Contracts; Vendors and Purchasers
Griswold v Rogich — A buyer has to be aware of the true nature of a defect to be precluded from reasonably relying on a seller's assertions in a disclosure form... read more
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IN THE NEWS | ATG Gifts U of I Real Estate Law Society
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WHAT'S NEW | Member, CLE, Process, and Trust Services
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[Last update: 10-29-10]
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