Hello and Welcome to Chicago Title Insurance Co.'s new monthly newsletter! We hope you find this newsletter to be a valuable tool in keeping up with important issues in the title industry. Title Trends' objective is to inform attorneys of legislative, underwriting and other legal issues pertaining to Wisconsin Real Estate Law.

We want to hear from you ! If you have any particular subject(s) you would like to see covered in upcoming issues, please contact anyone on our legal staff .

MEET OUR LEGAL STAFF

Tom Dill is an Underwriting Counsel for Chicago Title, Ticor Title and Security Union Title Insurance Companies. He has past experience in real estate law as a practitioner and as corporate counsel for title companies. Tom earned his B.A. degree from the University of Wisconsin, and his Juris Doctor from Oklahoma City University School of Law. He has lectured on underwriting issues to title agents and local bar associations. He is a member of the State Bar of Wisconsin and the Wisconsin Land Title Association.

Lisa A. Petersen is an underwriting counsel for Chicago Title, Ticor Title, and Security Union Title Insurance companies. Her responsibilities include statewide underwriting for all companies. Ms. Petersen is a member of the State Bar of Wisconsin and the Milwaukee Bar Association. She is also a member of the Wisconsin Land Title Association where she is Chair of the Education Committee, Vice-Chair of the Legislative Committee and a member of the Board of Directors. Ms. Petersen received her JD from Northern Illinois University and is a frequent lecturer on title issues across the state.

Tim Schmidt is an underwriting Counsel for Chicago Title, Ticor Title, and Security Union Title Insurance companies. He received his B.A. degree from Drake University and his Juris Doctor from John Marshall Law School. Tim is a member of the State Bar of Wisconsin and an associate member of the Wisconsin Society of Land Surveyors.

Ron Antoine is the State Manager for Chicago Title, Ticor Title, and Security Union Title Insurance Companies. He has been working in the title industry since 1972 in various positions including: examiner, staff attorney, agency counsel, agency manager and state manager. Ron is a member of the State Bar of Wisconsin. He also served as President of the Wisconsin Land Title Association for the year 2000.

MONTHLY .PDF

Click here to download this month's endorsement set featuring explanations and samples of some Commercial Endorsements. For prices, please contact anyone on our sales staff (numbers below).

FAQ's
FINANCING STATEMENTS

by Tim Schmidt

Chapter 409 of the Wisconsin Statutes, which governs financing statements, was rewritten and adopted as of July 1, 2001. The terms of the new statute have generated numerous questions, such as:

As part of the commitment and policy issuing process does Chicago Title check the records at the Department of Financial Institutions [DFI] in Madison?

No, only the records at the Register of Deeds [ROD] need to be checked. Financing Statements recorded/filed at the ROD's office are known as "real estate related" financing statements and are liens on real estate.

A financing statement was shown as an exception and the customer said a termination statement had been filed at the DFI. Should Chicago Title have checked the DFI records?

Again no, Chicago Title does not check the DFI records. Some financing statements that were properly filed at the ROD's office under the old statute must, under the new statute, be filed and terminated at the DFI. The customer must provide Chicago Title with a copy of the termination filed at the DFI.

A termination statement which was not signed by the secured party was recorded at the ROD. Is the termination valid even though it is not signed by the secured party?

In order to facilitate the electronic filing of financing statements, amendments, assignments and terminations the new statute does not require the documents to be signed in order to be valid. In fact, the new forms have no signature lines.

Our local lender is filing its financing statements which secure crops at the DFI. Aren't crop filings liens on real estate? Shouldn't Chicago Title check the DFI for crop filings?

Only financing statements which have been filed/recorded at the ROD are liens on real estate. The new statute requires crop filings to be done at the DFI. Therefore, the crop filings are liens on the crops only-not on the real estate.

If Chicago Title is aware that the parcel to be insured is being used for agricultural purposes the following will be added as a footnote on Schedule B-2 of the commitment: "A search for crop filings has not been performed"

If you want a search of the DFI records please request that at the time the order is placed.

We would like to hear from you! To remit a question for next month's FAQ's section, please click here: petersenl@ctt.com

DID YOU KNOW?
Child Support Lien Update

By Lisa Petersen

As an industry, we have been working with the Child Support Lien Docket since October 2000. When we started, the threshold for being placed on the docket was $30,000.00. As of the beginning of July, the threshold for being placed on the Lien Docket was reduced to $2,000 and there are presently 121,000 persons on the docket. We will not see any further reductions in the near future. Largely through our efforts in issuing commitments and letter reports for the sale and refinancing of real estate, the Department of Workforce Development has collected $7,251,431.00 as of March 31, 2003. Although that number is staggering, the total lien arrears owed still exceeds $980 million.

New cases are added to the website monthly, usually the first or second Sunday of the month. Payments, adjustments, satisfactions and withdrawn liens are shown in real time. Please remember that when dealing with any open lien, you are still required to check the records in the Office of the Register of Deeds for partial releases. Releases are not entered on the lien docket; they are recorded in the Register's office.

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IMPORTANT LINKS:

Chicago Title Insurance Co. - direct operations website:
www.wi.ctic.com

• Click on this site to download many useful forms!

Chicago Title Insurance Co. - Wisconsin agency website:
www.wi-agency.ctic.com

NEED A QUOTE? NEED TO PLACE AN ORDER?
PLEASE CONTACT ANY OF OUR SALES STAFF: