Chicago NCS CTIC - Newsletter2Q2016
E-Newsletter 2Q2016
IN CASE YOU MISSED IT...Our very own Ed Burton was interviewed by Bisnow to provide insight into how the Chicago market will fare this year from a title insurance company's perspective.  If you're interested in finding out what asset class performed best, the current trends in commercial real estate, who are the biggest foreign investors in Chicago right now, and more, you should check out the interview!
By Douglas M. Karlen, Vice President and Regional Counsel
Chicago Title Insurance Company
Since August 10, 2015, trustees of personal trusts have enjoyed the benefits of a new statute that protects the privacy of trust information. An amendment to the Trusts and Trustees Act reduces, or even eliminates, the need for a trustee to deliver a copy of a personal trust agreement to anyone other than a beneficiary. See Public Act 99-337 (SB 1877), effective August 10, 2015, codified at new 760 ILCS 5/8.5. The new section creates a Certification of Trust upon which third parties may rely. In doing so, Illinois joins several other states that protect the privacy of trust information and documents.

New Section 8.5 applies to personal trusts (revocable, irrevocable, living, etc.). It does not apply to Illinois land trusts. For example, it does not apply if title to real estate is vested in an institutional trustee, such as the Chicago Title Land Trust Company. 

Title companies have adjusted title examining and clearance practices to accommodate the new Certification of Trust.

Brienne Berscheid serves as Assistant Vice President and Construction Escrow Underwriter for Chicago Title's Chicago National Commercial Services (NCS) operation. Brienne joined the company in 2013 as a claims counsel in the Omaha Claims Department.  She has a B.A. from the University of Minnesota and a J.D. from the University of Wisconsin Law School.  Brienne has led presentations on national construction escrow agreements and forms for law firms and real estate development companies.  In her spare time, Brienne enjoys traveling, hiking and spending time with friends and family.

Business Email Compromise (BEC) schemes are at epidemic levels.  With multiple parties on a complex commercial real estate transaction ANYONE can be the source of the transaction becoming compromised.  How do you protect your clients and your firm?  Join us on Thursday, June 23rd at 11 a.m. for a webinar covering the topic of wire fraud.  Learn about the current wire fraud trends affecting the commercial real estate industry, how to identify common social engineering red flags and steps to consider if you've been compromised.

From Top Left: Tom Meier, Bridget Walsh, Tom Mula, Jason Hissong, Aaron Priest, Brett Budd, Amber Kusch, Matt Sauro, Ed Burton, Chris Stasko, Amy Jutzi, Brandi Johnson, Chris Renner, Eden Malone, Karla Espinoza, Michael Stump, Neal Caauwe.  From Bottom Left: Danielle Spencer, Raquel Gonzalez, Taina Rivera, Julie Hirschfeld, Cindi Singraber, Annie Bardelas, Kristina Jesionek, Abby Hall, Tyson Kouros, Matt Cermak.

This year was Team Chicago Title's fourth year participating in the J.P. Morgan Corporate Challenge on May 27th.  Our team of 35 runners and walkers joined 683 companies and 27,000 participants in the 3.5 mile race.  Get IN Chicago, a not-for-profit dedicated to identifying the most effective ways to reduce youth violence, was this year's recipient of the JPMCC charitable donation.  All of our teammates finished the race successfully and they celebrated afterwards with colleagues, friends and family in Grant Park!  GO TEAM CT!

Chicago Title Insurance Company, National Commercial Services | Chicago, 10 S. LaSalle Street, Suite 3100, Chicago, IL 60603
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