Issue No. 206 | January 13, 2021


EVENTS
Look For NEW Events Posted Since The Last Issue!
INDUSTRY NEWS
A taskforce established by the Consumer Financial Protection Bureau to examine the existing legal and regulatory environment facing consumers and financial services providers released its recommendations this week – a move that prompted conflicting reactions from the housing industry and consumer groups.

One portion of the National Defense Authorization Act creates a federal beneficial ownership registry, with reporting requirements for corporations, LLCs and “other similar entities.”

An important update to Georgia’s statutory lien waiver laws took effect on January 1, 2021. The amendment to Georgia’s mechanic’s lien law alters the form for interim and final lien waivers. Essentially, the new statute clarifies that lien waivers only waive lien or bond rights against the property and do not waive the right to file a lawsuit for nonpayment or other claims.

Massachusetts law does not require mandatory reporting; however, because title insurance policies cover losses relating to elder financial-abuse issues, closing lawyers are asked to be the first line of defense.

The housing market is one of the starkest examples of the disparate impacts of the pandemic on America’s citizens. In August, the Aspen Institute released a report that estimated 30 million to 40 million Americans were at risk of eviction in coming months “in the absence of robust and swift intervention.”

Foreclosure / Verification: Rule 1.115(e) of the Florida Rules of Civil Procedure cannot constrain or prohibit a plaintiff from delegating to its servicer-agent the authority to verify its foreclosure complaint, and trial court erred by dismissing complaint signed by servicer of mortgage loan - U.S. Bank Nat'l Ass'n v. Forsyth, No. 5D20-1056 (Fla. 5th DCA Dec. 4, 2020) (reversed and remanded).

LEGAL NEWS
The Supreme Court of Texas has ruled that a special warranty deed conveying real property limited the grantor’s liability for allegedly breaching the implied covenant of “seisin” – that is, the covenant that the grantor owned the property being conveyed.

A judgment creditor can record an abstract of judgment, a document that identifies the judgment debtor and the amount of the debt.

A dispute over window wells that stretched 16 inches over a property line made it all the way to Wyoming’s Supreme Court, where justices on Monday unanimously agreed that the owner of one home should be given ownership of about 16 inches of land from his neighbor’s property.

Effective December 2, 2020, the IRS issued its Final Regulations (the “Final Regs”) clarifying what is real property under Section 1031 of the Internal Revenue Code. The IRS issued these regulations to provide guidance in response to statutory changes in the Tax Cuts and Jobs Act, which provided that personal property is no longer eligible for Section 1031 treatment.

TECHNOLOGY & SOCIAL MEDIA NEWS
By now, you may have heard of the hacker who says she scraped 99 percent of posts from Parler, the Twitter-wannabe site used by Trump supporters to help organize last Wednesday’s violent insurrection on Capitol Hill. What you may not know yet is the abysmal coding and security that made the scraping so easy.

OpenAI has built a new model called DALL·E that could combine language and images in a way that will make artificial intelligence algorithms better at understanding both words and what they refer to.

WORLD NEWS
On the other, a benefiting landowner is trying to protect themselves and enjoy their own land ownership, unimpeded by what their neighbour might want to do next door.

Judge Camacho also found that Rangamar “clearly had decided to depart from the Carolinian customary law” and wanted her daughter Asuncion Rangamar Aldan to own the lot individually in fee simple, “which was also consented to in writing by the female members of [their] family.

TITLE AGENCY & PEOPLE IN THE NEWS
Kim Kardashian and Kanye West's Calabasas Home Breakup Drama (Yes, there's a potential title issue. Contributed by Bill Collins, Frontier Abstract, Rochester, NY)
While details of the couple’s breakup are pretty under wraps, E! News confirms they are over despite not filing for divorce just yet. However, if they were to file paperwork and make it official, a big issue could be their Calabasas home. They paid $40 million for the house and sunk another $20 million into renovations.

A lawsuit was filed against three New York real estate developers under the rarely used federal Civil RICO statute. RICO stands for Racketeer Influenced and Corrupt Organizations Act, which is a federal statute often used against organized crime figures.

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
Boulder marks where Farmington, Macedon, Perinton, Victor meet (Contributed by Bill Collins, Frontier Abstract, Rochester, NY)
Buried in Farmington near a manhole in Cline Road is a boulder that was placed in 1881 to replace an earlier monument established in 1788 by Col. Hugh Maxwell, the chief surveyor of the Phelps and Gorham land purchase.

Sorry guys, no photo-ops on this one. Meet the Denmark Strait cataract, the largest waterfall in the world. 

Are you excited for 2021? The people of 1921 sure were! As we enter this new year, full of hope and trepidation and the scars of 2020, I thought it would be helpful to see what people from a full century ago envisioned for us.

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