special situations and entities - new - chicago title's … situations and...special situations...
TRANSCRIPT
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Special Situations and Entities
Nancy Short FergusonChicago Title Insurance CompanyNovember 7, 2002
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PARTIES
CapacityApprovalsCreditors (incl. IRS)Potential claims of others (AIF, fiduciary, principal, offers,SH’s)
IdentifyCurrent legal namesRecord namesIndexingJoinder of othersCompetency
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Corps, LLC’s, LP’sNotary Public StandardsMinimum Standards for Indexing Real Property
InstrumentsUCC’s
www.secretary.state.nc.us
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Indexing G.S. 161-14.2,G.S. 161-22 &
G.S. 147-54.3(b) and (b1).
Legible signaturesPlus initials in typed names
Plus typed name (if at variance with signature)
DOT - grantor & trustee onlyPartnership & partners
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G.S. 161-22(h)
No instrument shall be deemed registered until it has been indexed as provided in this section.
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OTHER USEFUL WEB SITES
www.nass.orgwww.banking.state.nc.uswww.piperinfo.com/state/slnc.cfmwww.uscourts.govstatelibrary.dcr.state.nc.us/ncslhome.htm
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INDIVIDUALS
Spouse– Getting married soon– Getting divorced soon
Over age 18Competent
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Tenancy-by-the-entirety(OR NOT??)
Same timeSame instrumentNo straw man necessaryNOT AUTOMATIC with voluntary partitions (G.S. 39-13.5)N/A when take title prior to marriage
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Tenancy-by-the-entirety: Not all-protective anymore
Becomes tenancy in common on divorceUnited States v. CraftRICO (G.S. 75D-8(a))Slayer Statute (G.S. Chapter 31A)
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Antenuptial or PreNuptialAgreements
Full disclosureVoluntaryNot unconscionableClear and complete waiverSigned by bothSupport waiver only if will not be reliant on public assistance
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Antenuptial or PreNuptialAgreements
Original or Memorandaumrecorded in the Registry of county where property located
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Separation (&/or Property Settlement) Agreements
G.S. 52-10 & G.S. 52-10.2
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Property Settlement Agreements
Provide property settlement survivesFull disclosureConsiderationNot unconscionableClear and complete waiver languageOriginal or Memorandaum recorded in the Registry of county where property located
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Agreements between Spouses(G.S. 52-10)
Full disclosureConsiderationNot unconscionableClear and complete waiver languageOriginal or Memorandaumrecorded in the Registry of county where property located
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Final DivorceSevers T/EEnds Marital Rights
Equitable Distribution (G.S. 50-20)Lis PendensMarital property may be in only one name
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Court Order - Rule 70
judgment directs a party to execute a conveyance
party fails to comply within the time specified
judge may direct the act to be done If NC property, judge may enter a
judgment divesting title of party and vesting it in others
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CAUTION:
Requires CURRENT VESTING
LANGUAGE -
Not just order to convey
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PURCHASE MONEY
Conveyance to only one spouseMortgage solely for purchase, not future advance, construction, equity lineSimultaneous recordingRisky because no clear statutory authority
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Other Marital Issues
Joint Conveyance
Divorce from Bed and Board
Slayer Statute
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ENTITIESALWAYS review the organizational documents for authorityArticles for CORP, LLC, LP must be filed with Secretary of State (or equivalent) of their home stateAnnual Reports– current officers/managers -- legal
reliance– current address– good standing
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ENTITIES (cont’d)
Name changes, mergers must be recorded with Registries where property located Self-Dealing is BAD!Property titled in the entity is not subject to claims of creditors or spouses of individual owners (though the individual’s stock or partnership interest may be)
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BANKS & LENDERS
NC Banking Commissioner:www.banking.state.nc.usHUD: www.hud.gov/ll/code/llslcrit.html
FDIC (for federal banks):www.fdic.gov/bank/index.html
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BANKS & LENDERS(continued)
SBA:www.sba.gov/ADCO/lendingin
us2.htmlComptroller of the Currency, (for federally chartered banks):www.occ.treas.gov
Office of Thrift Supervision (for federally chartered thrifts): www.ots.treas.gov
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ENTITIESDissolutions
Title remains vested in entityFor current transaction, either:– Deeds must be consistent with
winding upOR– Entity must bring reports, fees,
taxes current
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CORPORATIONS
Articles of Incorp @ Sec/StateMortgage or sale in ordinary course of business– Board without shareholder
approvalSale otherwise than in the usual and regular course of business– Shareholder approval based on
bylaws
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CORPORATIONS(cont’d)
Acknowledgments - G.S. 47-18.3, 47-41.01 and 47-41.02
Merger or name change --– Register of Deeds – Secretary of State
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LLC’s(Limited Liability Companies)
Arts of Org w/ Sec/StateManagers (which may include officers or directions, depending on the Operating Agreement)Annual Report -- legal reliance on authority“Act apparently for carrying on in the usual way the business of the LLC” by a single manager
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LLC’s (cont’d)“[s]ell, transfer, or otherwise dispose of all or substantially all of the assets of the limited liability company prior to the dissolution of the limited liability company,” -- unanimous vote of managers Merger or name change --– Register of Deeds– Secretary of State
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GENERAL PARTNERSHIP
Partnership name vs. in names of individualsAssumed Name Certificate G.S. 66-68Not apparently for the carrying on in the usual way of the business of the partnership requires joinder of all general partners -- 59-39 & 59-40
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LIMITED PARTNERSHIPCert of LP w/ Sec/State“Limited partnership” in nameMerger or name change --– Register of Deeds– Secretary of State
Not apparently for the carrying on in the usual way of the business of the partnership requires joinderof all general partners -- 59-403(a)
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NONPROFIT CORPORATION
Sell, lease, mortgage or encumber any or all property, whether in
the usual course of carrying on its business or not, without
approval except by the Board of Directors unless Articles or Bylaws require otherwise.
55A-12-01(a)
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TRUSTSCurrent trusteesPurpose of trust -- still ongoingPassive vs. active trust (Statute of Uses, G.S. 41-7)– Special case: trustee and beneficiary
of deed of trust are sameTrust agreement -- for authority to deal with real property
G.S. 32-26 or G.S. 36A-136(8) (requires Clerk’s order)
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TRUSTS (cont’d)
NO self-dealing unless specifically authorized in trust -- incl. mortgage on trust property for individual debt -- 36A-64 et seq.Judgments against beneficiaries of trust can attach to trust property if supplemental proceedings (G.S. 1-315(4))!
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“NAKED” or “BLIND”TRUSTS -- G.S. 43-63
Grant to trustee onlyNo beneficiary or specific trust identifiedNo record instrument stating powers“full power to convey or otherwise dispose of the real estate”NOTE: If passive trust, converts to fee so spouse’s and creditors’potential interests must be addressed
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BUSINESS TRUSTSG.S. 39-44 et seq.
Memorandum of Trust required G.S. 39-46Trustees sign conveyances if title in trustees’ namesOfficers sign conveyances if title in common name of Business Trust
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VOLUNTARY ORGANIZATIONS
Title can be held by trustees or in common nameCharitable, fraternal, religious or social organizations Conveyance must be authorized by “resolution of the body duly constituted and held”G.S. 39-24
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CHURCHES & RELIGIOUS ORGANIZATIONS
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CHURCHES & RELIGIOUS ORGANIZATIONS
Entity type & name in which title heldTitle limitations in vesting instrumentReversions and restrictions
Type of organization now involved:– Nonprofit corporation -- G.S. Chapter 55A– Religious Societies -- G.S. Chapter 61– Voluntary organization -- G.S. 39-24
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CHURCHES & RELIGIOUS ORGANIZATIONS (cont’d)
Local church– Organizational documents /
requirements– Approval by congregation and board– Authorized persons
Connectional churches– Organizational requirements– Due authorization and approval– Web sites
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CEMETERIES
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CEMETERIES
Cemetery land cannot be sold, mortgage, leased or encumbered (except for road purposes or to purchasers for continued operation of the cemetery). G.S. 65-69Easements for access to family cemeteries G.S. 65-74 & 75State removal of human remains G.S. 70-36
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POWERS OF ATTORNEY & ATTORNEYS-IN-FACT
Principal Alive and Well (Exhibit A)Many lenders will not approve closingWhy can’t principal attend in person?Incompetent principal -- durable POAPOA must be recorded in county registry in which property located at or prior to closing
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POWERS OF ATTORNEY --Powers of the AIF
POA must give specific authority to deal with real estateNo gifts unless specifically provided in POA or broad POA powers and gift to charitable organization continuing a “personal history” of such giftsNo gifts or transactions to AIF unless specifically authorized in POA (incl. mortgaging property for loan to AIF)
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POWERS OF ATTORNEYPowers of AIF
Does not give AIF the authority to act for the Principal in the Principal’s fiduciary capacity -- such as where principal is officer of corporation or is AIF for a third partyRecorded termination requiredStatutory notary forms Military POA’s and acknowledgments– 10 U.S.C. 1044a
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DECEDENT’S ESTATEVesting of title at death of decedent in:– Tenancy-by-the-entireties vests in
spouse– Devisees under will (G.S. 31-39)– Intestate heirs (G.S. 28A-15-2(b))
Spousal disclaimer period (G.S. 31B-2)Executor -- power of sale or title or bothCreditors (incl. Medicaid) and taxing authorities
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DECEDENT’S ESTATES
Caveats by “natural objects of the decedent’s bounty” -- 3 years from probateContracts to sell signed by decedent prior to death -- G.S. 28A-17-9Judgment and tax liens of devisees/intestate heirs attach to their undivided interest -- Washburn
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DECEDENT’S ESTATES
Combined Petition for Possession, Custody and Control and Petition to Sell to Make Assets to Pay DebtsAffidavits of disinterested parties with history of family and relationships for old estates or estates not administered
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GUARDIANSHIPS
Special Proceeding -- G.S. 35A-1301 et seqSuperior Court Judge approval for minorsAdult spouse of minor -- joinder or waiver by minor spouse of contingent statutory marital rights onlyCompetent spouse convey separate property with joinder of guardian of incompetent spouse waiving marital rights only
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MINORS (cont’d)Contracts voidable until 3 years after later -- become competent or reach age 18Uniform Custodial Trust Act (Chapter 33B)– under $100,000– specific conveyance to the custodian
Uniform Transfers to Minors Act (Chapter 33A – if under $10,000– specific conveyance to trustee
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SPECIAL ACKNOWLEDGMENTS
Out of state acknowledgments G.S. 47-2Military POA’s and acknowledgments– 10 U.S.C. 1044a
Register of Deeds Guidebook --from Institute of Government
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TERRORISTS
Per Executive Order 13224, issued by President Bush,
Financial Crimes Enforcement Network (FinCEN), Department of Treasury, Office of Foreign Assets Control (OFAC)
www.treas.gov/ofac
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REMEMBER!It’s all about:
Protecting your clientTo the best of your ability
Acting Professionally
Finding personal satisfaction in each and every day
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Take pride in being a member of this most honorable
profession -- being a lawyer!