The Trusted Adviser

May 2016 | Volume 9 - Number 5

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Reduce Your Exposure to Wire Fraud

Protecting Your Clients and Your Practice

Darryl Schroeder photoIt happened at an ATG closing just last week — the buyer’s attorney sent ATG wire instructions to his clients via unencrypted email. A fraudster intercepted the email, changed the instructions so the funds would be secretly diverted, then sent the email along to the buyers as if it were from the attorney. The homebuyers followed the instructions, but their $500,000 never showed up at the closing.

Fraudulent wire transfer and other forms of business email compromise continue to rise, and the cost is in the billions (see Reuters' April 2016 article). The example above is recent and extreme — and there are many more. Several ATG agents have been targeted in recent years, fortunately they were able to detect the problems before their systems were compromised. Upgraded vigilance is necessary to protect your escrow accounts.

We recommend all lawyers take the following precautions, updated here from an April 2014 Trusted Adviser post: Read more...

Darryl Schroeder
ATG Senior Vice President and Chief Financial Officer

ATG MEMBERS | Underwriters' Bulletin

Procedural Update

Email Fraud: ALTA Offers Solutions — Learn tips that you and your staff can use to defend against email schemes.

ATTORNEYS | Practice Notes

Real Estate and Title Insurance News

ATG Co-Hosts Indiana Title School June CLE Program — ATTN Indiana Title Producers and Attorneys: Get Your Required 7.00 TPL CE in One Day! (OR Earn 7.00 Hours of Pre-Licensing Requirement).

Legislative Update

Illinois

Mechanic's Liens: Public Act 99-0178 — Substitution of a Bond for a Mechanics Lien. Effective Date: January 1, 2016

Casenotes

Illinois

Mortgage Foreclosure: 1010 Lake Shore Assn v Deutsche Bank Nat Trust Co — Mortgagee-purchaser of a foreclosed condominium failed to extinguish the association's lien under 765 ILCS 605/9(g)(3), because it did not make a payment for assessments incurred after the sale. Therefore, mortgagee-purchaser was required to pay the prior owner's unpaid assessment fees as well as those that accrued after the sale.

Indiana

Adverse Possession: Henry v Liebner — An adverse possessor of a parcel must show all elements of adverse possession for ten or more years and must also pay the taxes.

Wisconsin

Contracts: MS Real Estate Holdings, LLC v Donald P Fox Family Trust — An agreement for a right of first refusal that did not specify a termination date was determined to last until there was a sale of the property.

IN THE NEWS | ATG Makes Crain's List List

ATG in Crain's Chicago Business List of Chicago's Largest Privately Held Companies — Thanks to the loyalty of our hardworking member agents, other customers, and staff, ATG made the highly regarded Crain's Chicago Business list of Chicago's Largest Privately Held Companies, published in its April 18, 2016, issue.

WHAT'S NEW | Trust, CLE, and Process Services

ATG Trust Company logoWherever You're Going, Get There with Someone You Trust ATG Trust is an independent trust company established in 1998 with a mission to provide flexible, collaborative and service-oriented trust and estate administration to attorneys and their clients. Explore the website to learn more about ATG Trust Company and feel free to contact a Trust Company associate with your questions.

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ATG Legal Education logoGet Started in the New ATG Legal Education We launched our new CLE platform in 2015. It has many great features that make managing your CLE much easier, including the ability to take recorded OnDemand programs with most mobile devices. Keeps track of your hours and print your certificates once you complete the confirmation surveys (see details or our five-minute video tutorial).

If you haven't set up your account yet, see Stage One: Creating Your Account.

Coming in June:

6/8 | Medicaid, Elder Law and Estate Planning: How 2016 Changes Affect You and Your Clients | IL (1.50 MCLE)
Details/Register Now - account/login required

Take These 24/7 Programs before CLE Expires (account/login required)

General Medicaid, Long-Term Care, and Eligibility Updates | IL (1.50 MCLE)
Keep up with the changing requirements for Medicaid assistance and long-term care. Details/Check-Out - exp. 6/11

ATG REsource Workshop 1: A Review of the Basics | IL (1.50 MCLE) - member only
Learn to better use the tools in ATG title and closing software. Details/Check-Out - exp. 6/18

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ATG LegalServe logoBringing You Experienced Leadership, Additional Services, Dedicated Staff — We are proud to announce that ATG LegalServe and It's Your Serve have combined to create a single, full-service litigation support company offering services to lawyers and law firms throughout Chicago and beyond. Read more. Find us with Google Plus.

[Last update: 5-26-16]