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Parties debate when policy terminated Subscriber Access OnlyParties 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.
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U.S. Treasury releases strategy for combating terrorist financing Subscriber Access OnlyU.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.
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Missouri governor signs restrictive-covenant legislation Subscriber Access OnlyMissouri 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.
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Subscriber Access OnlyCourt finds failure to plead bankruptcy discharge does not waive affirmative defense in post-discharge foreclosure
Friday, July 1, 2022
The New Jersey Appellate Division recently held that a debtor’s failure to plead a bankruptcy discharge does not waive affirmative defense in a post-discharge foreclosure action. The debtors under a bankruptcy case later filed an action against a creditor, seeking to quiet title to their home and prevent the creditor from pursuing claims under the subject note, mortgage or guaranty.
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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.
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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.
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Victim of wire fraud seeks claims against bank Subscriber Access OnlyVictim 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.
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Utah Title and Escrow Commission to hold hearing on cost of escrow business ruleSubscriber Access OnlyUtah Title and Escrow Commission to hold hearing on cost of escrow business rule
Monday, June 27, 2022
On July 11, 2022, the Utah Title and Escrow Commission will hold a rule hearing for R592-18, Cost of Doing the Escrow Business. The rule would establish a standard for determining compliance with a state law that prohibits title insurance agencies from providing below-cost escrow services.
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Arizona considers civil judgment legislation Subscriber Access OnlyArizona considers civil judgment legislation
Monday, June 27, 2022
The Arizona Legislature is considering legislation amending sections of the Arizona Revised Statutes relating to civil judgments.
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Subscriber Access OnlyVirginia adopts payment clause for construction contracts
Monday, 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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Colorado Division of Real Estate Realtors group, land title association warn of scam
Monday, June 27, 2022
The Colorado Division of Real Estate issued an advisory, noting it had been made aware of a real estate scam in the state that is taking advantage of potential buyers and their real estate brokers involving properties being marketed as For Sale By Owner (FSBO).
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California mortgage lender to pay more than $1 million to resolve fraud allegations
Monday, June 27, 2022
A Brea, Calif.-based mortgage lender agreed to pay more than $1 million to resolve allegations that it improperly and fraudulently originated government-backed mortgage loans insured by the Federal Housing Administration.
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