September 2008 | Volume 1 · Number 4

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4-23-2019 EDITOR'S NOTE: Some links have been removed because the content is no longer applicable.

Update from ATG Trust Company

FREE MCLE TRAINING FOR ATG TRUST MEMBERS

Robert Lopardo photoMany states require continuing legal education for its practicing attorneys. We, in concert with ATG Legal Education, sponsor several MCLE-qualified seminars each year. As one of the many good reasons to become a member of ATG Trust Company, the ATG Trust programs are free to our active members... read more

Interested in becoming a member of ATG Trust? Click here.

SECTION 1031 "STARKER" EXCHANGES AND THE LAW OF UNINTENDED CONSEQUENCES

In theory, a Section 1031 Exchange is very simple. It is the nuances that make them interesting and Congress just gave us another one, apparently unintentionally, with the Housing Assistance Act of 2008.

One of the most common uses of a Section 1031 Exchange is for transactions in commercial real estate. The notion is that a seller with either capital gain or depreciation recapture tax consequences desires to defer those taxes and engages in a "like kind exchange" as set out in Section 1031 of the Internal Revenue Code. Within the rigid time frames allowed (45 days to identify replacement property and 180 days to close on the property) the seller exchanges one property for the other. As long as the replacement property (also mindful of the effects of financing the transaction) is of a value equal to or greater than the relinquished property, tax consequences can be deferred. Read our article.

With the new Act, it gets more complicated if the taxpayer sells property that has been converted between residential and non-residential usage. Read Amendment to Section 121 May Affect 1031 Exchange Planning (under Trust and Estate Planning News below) for a look at how this change can affect the taxpayer.

Robert Lopardo
President, ATG Trust Company

ATG Trust Company is a premier provider of Section 1031 Exchange services and is here to help you with all your trust, estate, investment and Section 1031 Exchange needs. Contact us or visit www.atgtrust.com for more information.

ATTORNEYS | Practice Notes

REAL ESTATE AND TITLE INSURANCE NEWS

Illinois Supreme Court Proposes New Ethics Rules — In response to concerns regarding the disparities among the individual states' ethics rules, the ISBA and the Chicago Bar Association began compiling potential rule changes... read more

CASENOTES

Illinois
Merger Doctrine
Czarobski v Lata | Mutual mistake and fraud are valid exceptions to the doctrine of merger... read more

Indiana
Lis Pendens
Clarkson v Neff | Where essentially identical Circuit and Superior Court suits are files and consolidated, a lis pendens may be "piggy-backed" from one case to the other... read more

Wisconsin
Contracts
S & C Bank v Wisconsin Community Bank | Economic loss doctrine precluded recovery in tort for misrepresentations in the course of a sale of loans from one lender to another... read more

ATG MEMBERS | Underwriters' Bulletin

This section provides updated procedural and underwriting information. If you keep hard copies of our Member Handbooks in your office, print this information for insertion.

CLAIMS CORNER

E-mail your questions to Christine Sparks.

Omitted Mortgagor — Whoever Owns Property Must Unconditionally Execute the Mortgage | ATG agents are responsible for examining mortgages to make sure they are insurable... read more

PROCEDURAL UPDATE

ATTN: Chicago-Area Members: Effective immediately, Cook County requires that an original death certificate must accompany the Joint Tenancy Affidavit - ATG Form 3007 (see Affidavits and Indemnity Forms). The County no longer accepts copies of the death certificate as an attachment.

EVENTS | ATG Hosts Top Members at Busch Stadium

2008 WI Member Appreciation Event photo 036ATG hosted top member for an afternoon CLE program followed by dinner and a great game of baseball at Busch Stadium in St. Louis where the Cardinals faced the Chicago Cubs, Wednesday, September 10, 2008 (pictured from left: Dan Strang; Greg Miely, ATG Senior Underwriting Attorney and Corporate Counsel; ATG top member Bill Strang (Jerseyville, Ill.); Gloria Strang.)... read more.

WHAT'S NEW | CLE, Trust Services

ATG Legal Education logo10/1: New Construction: Managing Construction Escrows
10/4: Navigating a Real Estate Transaction: A Seminar for Law Students and New Attorneys (Illinois)
10/10: America's Mortgage Crisis: Looking Out For Your Client (in conjunction with the University of Illlinois College of Law)
11/12: Harold Levine Real Estate Institute: Innovative Marketing Strategies and Topical Issues

CLE in Your Office — Earn CLE any time with ATG Legal Ed OnDemand, recorded programs available 24-7. See our Quick List of programs and easy registration... Learn more


ATG Trust Company logoVisit the ATG Trust Website On our site we provide comprehensive information about ATG Trust, the services we provide lawyers and the clients they serve, and much more. Use our flyer to find your way around... Learn more


sml ATG logo
Attorneys' Title Guaranty Fund, Inc. (ATG) and subsidiaries provide services for member attorneys and their real estate clients. ATG also works with lenders, Realtors, and other parties to ensure that each real estate transaction is completed in a professional and hassle-free manner. Contact us today! 800.252.0402.