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  Parties debate when policy terminated Friday, July 1, 2022 A company, as custodian for the benefit of a man’s individual retirement account, purchased property in Valencia County, N.M., and bought a title insurance policy for the property. The property was quitclaimed to another party, and then another. The man eventually filed a claim with the title company and the title insurer denied the claim because the coverage had been terminated when the property was first transferred. The man sued for breach of contract and the title insurer moved for summary judgment. |
 U.S. Treasury releases strategy for combating terrorist financing Friday, July 1, 2022 The U.S. Treasury Department has issued its National Strategy for Combating Terrorist and Other Illicit Financing, which outlines several priorities and supporting actions to combat money laundering and terrorist financing. Among other things, it outlines its plan to bring greater transparency to real estate transactions. |
 Missouri governor signs restrictive-covenant legislation Friday, July 1, 2022 Missouri Gov. Michael Parson signed legislation changing the laws regarding restrictive covenants by expanding the definition of prohibited covenants and establishing a procedure to remove prohibited covenants from deeds. The bill goes into effect Aug. 28, 2022. |
Missouri warns of timeshare scam Friday, July 1, 2022 Missouri Secretary of State Jay Ashcroft’s Securities Division warned state residents about a recent increase in fraudulent schemes targeting owners of timeshare properties in Mexico.
Illinois man sentenced for wire fraud Friday, July 1, 2022 A Rochester, Ill. Man was sentenced to time in prison, followed by supervised release, for six counts of wire fraud resulting from a mortgage fraud scheme.
 Victim of wire fraud seeks claims against bank Monday, June 27, 2022 After the title company that was handling his purchase of property became the victim of a data breach, the buyer unknowingly sent fraudulent wiring instructions to his bank. After discovering the fraudulent wire instructions, the buyer worked with his bank to recover the funds.
Virginia adopts payment clause for construction contractsMonday, June 27, 2022 Virginia Gov. Glenn Youngkin signed legislation that requires construction contracts in which there is at least one general contractor and one subcontractor to include payment clause that obligates the contractors to be liable for the entire amount owed to any subcontractor with which it contracts. The bill goes into effect Jan. 1, 2023 and will apply to construction contracts executed on or after Jan. 1, 2023.
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