Issue No.235, July 21, 2021


EVENTS
Look For NEW Events Posted Since The Last Issue!
INDUSTRY
FinCEN Announces Anti-Money Laundering Priorities
The Financial Crimes Enforcement Network (FinCEN) recently issued its government-wide anti-money laundering (AML) and countering the financing of terrorism (CFT) priorities (AML/CFT priorities).

Marijuana Legalization Increases Home Property Values, New Study Finds
There are plenty of marijuana NIMBYs out there, but a new study found that cannabis legalization and the presence of dispensaries actually increases home property values.

Real Property, Financial Services, & Title Insurance Update: Week Ending May 14, 2021
Foreclosure / Surplus: The issuance of certificate of disbursements triggers the running of the 60-day period for filing claims to surplus monies following a foreclosure sale, and motion for surplus proceeds was untimely – Refaie v. Bayview Loan Servicing, LLC, No. 2D19-4780 (Fla. 2d DCA May 14, 2021)

Embracing the American Dream Electronically
In Fannie Mae’s latest Perspectives Blog, “The Pandemic's Impact on Mortgage Digitization and Homebuyer Satisfaction,” authors Tim McCallum and Jenney Shen, both VPs of Single-Family Customer Management Solutions, examined homebuyers’ satisfaction with buying a home digitally in the time of the pandemic.

The Fine Line Between Surveying and the Law
In many cases, defining yourself as a surveyor and not trying to get into the realm of the law is a difficult line to walk. Nevertheless, it is a necessary line to abide by for surveyors, who must stick to the facts of what they are surveying, and be careful to avoid any legal interpretations about property or boundaries that their clients or others might wish them to make

History of Lampasas includes the good and the bad
History is a part of our evolutionary process. If we cannot learn from our past, then we cannot learn and are destined to repeat it. We did learn from it, and today we have title insurance to protect and guarantee our land sales.

LEGAL
CAVEAT EMPTOR: Buyer Beware!
Two recent cases, Heid v. Mohring, Nassau Supreme Court, and 98 Gates Ave. Corp. v. Bryan Jr. Kings County Supreme were decided against the buyers of real property due to their failure to adhere to the doctrine of caveat emptor.

Give And Take: How The U.S. Supreme Court’s Ruling In Cedar Point Nursery v. Hassid May Impact Rhode Islanders Who Own Property Abutting Public Lands
Rhode Island is a small state favored with many natural attractions, not the least of which are its 400 miles of shoreline and more than 8,200 acres of public parks and recreation areas. Such lands frequently abut private property, and their borders have increasingly become sparring rings for individuals declaring rival rights of access and ownership.

Riparian Rights/Construction of Pier: Wisconsin Appellate Court Addresses Scope of an Easement
The question considered was whether a pier could be placed within the easement. A lakefront property owner has riparian rights. Riparian means ‘[o]f, relating to, or located on the bank of a river or stream (or occasionally another body of water, such as a lake).” Konneker v. Romano, 2010 WI 65, ¶5 n.5, 326 Wis. 2d 268, 785 N.W.2d 432. Further, “a landowner’s riparian rights include the right to construct a pier.” Id. Such riparian rights can be given to another through the conveyance of an easement.

Montana Says No Reasonable Search Duty For Preliminary Title Commitment
The Montana Supreme Court recently held that there is no duty to conduct a reasonable search when a title insurer prepares a preliminary title commitment. Phipps v. Old Republic Nat’l Title Ins. Co., 2021 MT 152 (Mont. 2021). In the case, a couple (“Plaintiff”) acquired parcels of real property, used for ranching, through multiple transactions.

Riparian Rights/Non-Navigable Water: Illinois Appellate Court Addresses Access Issue
The Appellate Court of Illinois, Third District (“Court”) addressed in a June 28th Opinion certain riparian rights associated with a non-navigable waterbody. See Holm v. Kodat, 2021 IL App. (3d) 200164.

WORLD
Mystery heirs still sought for Langley land standing in pipeline’s path
Trans Mountain Expansion Project is still trying to find the heirs of a millionaire who died decades ago, but who owned a sliver of land that the pipeline has to cross in Langley.

TECHNOLOGY
Ready Or Not: New Wisconsin Cybersecurity Law—Act 73—Imposes Cybersecurity Requirements On Insurance Providers
In reaction to the continued uptick in high profile data incidents, yesterday, Wisconsin Governor Evers signed into law Act 73, a law establishing cybersecurity requirements for the insurance industry’s protection of data collected. With a stroke of a pen, Wisconsin joins the growing number of states imposing cybersecurity regulations on insurance providers.

NY Department of Financial Services Releases Guidance on Ransomware
On June 30, 2021, the New York Department of Financial Services (DFS) released ransomware guidance aimed at protecting financial services companies and their customers. The guidance urges each company to implement a cybersecurity program “that is proportionate to its resources and risk.” Additionally, DFS announced in its guidance that it is considering amending its Cybersecurity Regulation to add necessary ransomware protection controls.

PEOPLE IN THE NEWS
I Almost Lost $50,000 to a Real Estate Scam — and I'm One of the Lucky Ones
Carly Andreatos was just days away from buying her first house when an email came from her attorney’s paralegal. In it, she found directions for wiring her down payment and closing costs — a total of $22,890. Not wanting to delay closing, she quickly wired the money — literally all her life savings — as directed.

Edith Hill celebrates 40 years at Gray County Title
As the world moves to a more transient society, it’s refreshing to see someone like Edith Hill, who recently celebrated her 40th Anniversary at Gray County Title.

Thieves steal and sell French woman’s Southwest Florida property
Imagine if your property was stolen right out from under you while you’re halfway across the world. It often involves identity fraud, forged signatures, made-up notaries and a too-good-to-be-true selling price.

OTHER TRENDING NEWS
This Nighttime Drone Shot of a Futuristic City Is Actually a Sea Urchin
You’ve probably never seen a sea urchin like this. This cross-section of a juvenile purple sea urchin may resemble a drone’s-eye view of a Blade Runner cityscape, but it’s actually a microscopic image created through a method called immunofluorescence.

CA habitat restoration used beavers to restore Placer
Placer Land Trust land manager Elias Grant describes the importance of beavers in the local ecosystem and floodplains at Doty Ravine Preserve in Lincoln on Monday, June 28, 2021.

Flint’s old police academy sold for marijuana grow facility despite objections
The city has agreed to sell its shuttered Flint Police Training Academy for $500,000 to a company that plans to convert it into a commercial marijuana grow facility.

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