Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. Title insurance is principally a product developed and sold in the United States as a result of the comparative deficiency of the US land records laws...
Chicago Title Insurance Company
Chicago Title Insurance Company has appointed James G. Hyland to the position of assistant vice president and counsel to its Mineola office. Hyland was formerly chief underwriting counsel to Stewart Title Insurance Company in New York City. COPYRIGHT 2006 Hagedorn Publication COPYRIGHT 2006 Gale Group
Title Insurance Company by John C. MurrayIntroduction
The principal purposes of limited liability company ('LLC") formation are to obtain favorable tax benefits, create and maintain contractual flexibility (including the freedom of members to contract among themselves with respect to financial aspects of the LLC and the management and standards governing the internal affairs of the LLC such as the establishment of classes of members, voting, and procedures for holding meetings or considering matters without a meeting), and shield a member's personal assets from claims of outsiders and other members.
All fifty states, as well as the District of Columbia, have adopted LLC statutes. Wyoming, which enacted the first LLC statute in 1977, did so primarily at the request of the large mining businesses located in the state. Many states have revised and updated their LLC legislation in the past few years. In general, these recently enacted statutory revisions affect the organization …
Journal Staff Writer An emotionally charged Angela Raposo stood before the court Friday and blamed her addiction to painkillers for her felonious ways. Raposo, in loud halting sobs, told U.S. District Court Judge William E. Smith that dependence on drugs was responsible for her looting more than $1.3 million from company accounts at her title-insurance firm in East Providence.“I’m sorry, but sorry is not good enough,” Raposo said. “I’m a good person. I’m a good mother. I just messed up.”Smith wasn’t satisfied. He felt that Raposo, who had pleaded guilty to wire fraud, was too quick to blame her descent on drugs. He wanted to know why no one in her close-knit family from Riverside didn’t notice her reckless spending on houses, cars, jewelry and vacations.“There was $1.3 million wandering through the family coffers,” Smith said. “Did anybody ask, ‘Where are the cars and homes coming from?’ ”Ralph E. Chiodo, Raposo’s lawyer, said her parents never bothered to ask.…
Like land titles, aircraft titles are subject to record errors, unresolved liens and even fraud. There are a large number of reasons an aircraft's title may be rendered unenforceable, placing the owner at risk of property loss or being sued for previously existing liens or unpaid taxes. As the first step in acquiring title insurance, insurance companies will draft an aircraft "title opinion", or "abstract" based off a thorough investigation of the aircraft's chain of ownership.
The purpose of the initial title search is to unearth any problems with the aircraft's ownership rights and, if necessary, resolve them before the sale closes.
Problems commonly associated with titles include:
Unreliable FAA title records. Although the Federal Aviation Administration requires that all aircrafts be registered and recorded through the FAA, FAA records do not have final legal authority in determining rightful ownership. Similarly, …