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| February 2011 | Volume 4 • Number 1
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| Update from ATG Administration
Electronic Fraud Increasingly Targets Lawyers' Escrow Accounts
A Dangerous Threat to You and Your Clients
Internet fraud schemes are increasingly targeting lawyers and the banks where lawyers have their client trust accounts. We know of at least two recent cases of Illinois attorney-title agents who have suffered serious losses through Internet banking scams.
We cannot understate the importance of educating yourself and your staff, fine-tuning your internal security, and protecting your practice and your clients' funds from these schemes. If you weren't able to attend Ron Trubiana's presentations at our 2010 Harold I. Levine Real Estate Institute in Chicago last November or via Connect in early December, ATG Legal Education offers an OnDemand program on how to protect your practice... read more We encourage you not to miss this opportunity — Earn 1.50 credits without leaving your office and at your convenience. We have also published articles on this important topic (see October and November 2010 issues of the Trusted Adviser). Jerry T. Gorman |
| ATTORNEYS | Practice Notes
TRUST AND ESTATE PLANNING NEWS
January 2011 Outlooks — The U.S. economy appears to have exited 2010 in relatively good shape, especially compared to its condition at the beginning of the year... read more
First Quarter Perspectives — As we look back at 2010, one of the trends that developed early in the year and continued throughout was the return of dividends... read more
CASENOTES
Illinois
Real Estate Taxes; Title Insurance
Rhone v First American Title Ins Co — The possibility of a real tax reassessment does not qualify as a lien or encumbrance under a standard title insurance policy... read more
Indiana
Title Insurance
Fidelity Nat Title Ins Co v Mussman — The fact that a title underwriter had authority to audit an agent's escrow account did not translate into vicarious liability for the agent's closings... read more
Wisconsin
Foreclosure; Mortgages
First Bank of Highland Park v Summerhaven, LLC — Mortgagees who agree to hold a second mortgage in writing with both the buyer and the holder of the first mortgage cannot have statutory priority... read more
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| ATG MEMBERS | Underwriters' Bulletin
CLAIMS CORNER
Title Insurance: Omitted Assessments — Omitted assessments that are assessed against a property after the effective date of a title insurance policy are excluded from coverage... read more
PROCEDURAL UPDATE
Closings; Income Taxation: 1099 Real Estate Tax Reporting — In the case of sales of real estate, the settlement agent (closer) must report to the IRS the seller's income from the sale using the 1099-S form... read more
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IN THE NEWS | Donation to Chicago Bar Foundation; ATG Holiday Reception Photos
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Pierce & Associates P.C., Codilis & Associates P.C., Attorneys' Title Guaranty Fund Inc. (ATG) and the Law Bulletin Publishing Co. recently made donations to The Chicago Bar Foundation (CBF) totaling $125,000 to support several pro bono and legal aid organizations that are working to help the growing number of people facing foreclosure. In the photo (from left to right) are CBF Executive Director Robert A. Glaves; Denis B. Pierce of Pierce & Associates; Ernest J. Codilis Jr. and Gregory J. Moody of Codilis & Associates; CBA 2nd Vice President and ATG Board Member Aurora A. Austriaco; ATG President and CEO Peter J. Birnbaum; Sandy Macfarland, CEO of Law Bulletin Publishing Co.; and ATG Senior Vice President Henry L. Shulruff... 
WHAT'S NEW | Member, CLE, Process, and Trust Services
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[Last update: 2-16-11]
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