Issue No. 172 | May 20, 2020


EVENTS
Look For NEW Events Posted Since The Last Issue!
INDUSTRY NEWS
As expected, on May 8, 2020, the Financial Crimes Enforcement Network (“FinCEN”) reissued its Geographic Targeting Orders (“GTOs”) requiring U.S. title insurance companies to identify the natural persons behind legal entities used in purchases of residential real estate performed without a bank loan or similar form of external financing.

The global COVID-19 outbreak has encouraged widespread orders to protect renters and owners of commercial and residential real property. In this 50 state-by-state survey we offer a summary of cities and states that have enacted policies or implemented moratoriums for evictions or foreclosures due to COVID-19.

Closing loans is just one way BMO Harris and other banks are looking to use online notarization. But there are obstacles to overcome before it becomes standard practice.

The provisions for video notarization and witnessing require simultaneous live audio and visual communication between all parties and all parties must place their “wet-ink” signature on paper counterparts of the same document before the counterparts are combined into one original document.

Unlike the more common “abstract” system, which involves review of land title documents and creation of an abstract of title describing those documents, title to property in torrens systems is evidenced by one document, a certificate of title.

D.C.: On May 8, the Department of Insurance and Banking issued Bulletin 20-IB-2-05/08, providing guidance to all licensed premium finance companies related to Commissioner’s Order 03-2020.

LEGAL NEWS
An Illinois trial court correctly decided not to revisit nearly 14-year-old rulings that allowed the city of Chicago to exert eminent domain over a man's vacant lot as part of a redevelopment project, a state appellate panel said Monday.

First, the court adopted a broad interpretation of the policy’s insuring agreement in holding that a letter informing the insureds of the Squaxin Island Tribe’s intent to harvest clams from the insureds’ tidelands was a “demand” triggering coverage.

The Borrower alleged that the terms of the UCC sale were not commercially reasonable in light of the COVID-19 pandemic and that the New York Governor’s moratorium on foreclosures of commercial properties precludes a mezzanine sale under the UCC.

In Massachusetts, a plaintiff interested in using the lis pendens statute must first file a verified complaint against all record owners and leaseholders alleging at least one claim that could, if proven, affect the use of or title to real estate. 

TECHNOLOGY & SOCIAL MEDIA NEWS
Detailed and potentially sensitive information uploaded by firms including Clifford Chance, Slaughter and May, Weil Gotshal & Manges and White & Case was left “exposed” on an open database platform, according to a report by a cybersecurity firm.  

TITLE AGENCY & PEOPLE IN THE NEWS
To the nation’s largest landowner, one of the most valuable attributes of his timberland and ranchland holdings is the benefits to society of good stewardship. 

Title Agents Go Nationwide
For agents interested in growing their businesses by expanding into multiple states, we’re here to make the process simple and profitable. We offer you one point of contact to streamline your options and solutions...

OTHER TRENDING NEWS
This month marks the 55th Anniversary of the New York City Landmarks Preservation Commission, and to celebrate the occasion, it's created a cool new online feature that details its vital role in saving NYC's architectural heritage for posterity. The site provides a timeline of landmark designations, as well as an interactive map that allows searches by address or building type.

Marianne Mathieu, NTP
Vice President/National Agency Accounts
Fidelity National Financial
(347) 987-0677