RANDALL | SEGREST 2010 title closing volume increases over 2009 closing volume. 12.31.10

RANDALL SEGREST 2010 title closing volume increases over 2009 closing volume. 12.31.10

Statute of Limitations For Negotiable and Non-negotiable Promissory Notes to be on Par Effective July 1, 2012. 05.29.2010.

Senate Bill 2419 codifies Miss. Code Ann. Section 15-1-81 which makes the statute of limitations the same for negotiable and non-negotiable promissory notes. Effective July 1, 2012, the statue of limitations on such notes will be six years. Since Miss. Code Ann. Section 89-5-19 gives enforceability of a deed of trust the same statute of limitations as the secured obligation, third parties will be able to rely on the six year statue of limitations for deeds of trust securing the performance of notes. 05.29.2010.

Mississippi Legislature Confirms Holding in Feliciana Bank & Trust Co. v. Manuel & Sessions, L.L.C., 943 So.2d 736 (Miss. Ct. App. 2006). 05.29.2010.

Mississippi Legislature confirms holding in Feliciana Bank & Trust Co. v. Manuel & Sessions, L.L.C., 943 So.2d 736 (Miss. Ct. App. 2006). Senate Bill 2419 amends Miss. Code Ann. Section 75-2-107(3) to include the priority of previously recorded deeds of trust to goods severed from real estate making clear that perfected liens on personal property such as minerals and timber severed from real property follow such property in their severed state. 05.29.2010.

Private Transfer Fees Unenforcable. 05.29.2010

Effective July 1, 2010, Private Transfer Fees in Mississippi are generally unenforceable. House Bill 886 as sent to the Governor makes transfer fees to a third party in connection with the transfer of residential property unenforceable. 05.29.2010.

A New Real Estate Cost to Watch For: Developer's Private Transfer Fee. 03.09.10.

The Washington Post reports on developers’ new and ingenious real estate money machine--every time a house sells during the next 99 years, 1 percent of the price goes back to the original developer or is shared among investor partners. In Mississippi, Rep. Greg Snowden has introduced HB 886 entitled An Act To Prohibit The Payment Of A Fee To A Person Imposing Certain Covenants On Future Conveyances Of Real Property; And For Related Purposes. As of today’s post, the bill is still alive. 03.09.10.

Mississippi Court Of Appeals Addresses Mortgage Foreclosure Notice Requirements To Heirs Of Deceased Borrower. 03.02.2010.

In Thomas v. First Federal Bank For Savings, No. 2009-CA-00442-COA, the Mississippi Court Of Appeals confirmed Mississippi law does not require a trustee to notify a mortgagor (or his heirs)of a foreclosure citing Mississippi Code Annotated Section 89-1-55 (Rev. 1999), but instead only requires the posting and publication of the notice of sale. See Leininger v. Merchs. & Farmers Bank, Macon, 481 So. 2d 1086, 1090 (Miss. 1986) where Section 89-1-55 was held to be constitutional. 03.02.2010.

The Mississippi Bar Foundation announces Notice For Grant Proposals for Interest On Lawyer Trust Account Programs. 03.01.2010.

Interest on lawyer's trust accounts are paid to the The Mississippi Bar Foundation. RANDALL | SEGREST participates in the IOLTA Program. On March 1, 2010, the Foundation released the following press release:

The Mississippi Bar Foundation announces the availability of funds from the Interest on Lawyers Trust Accounts Program. The IOLTA Program was created by Order of the Mississippi Supreme Court dated May 30, 1984 and is administered by the Foundation.

As provided in the Supreme Court Order, IOLTA funds have been designated

for use solely for the following purposes:

a. To provide legal aid to the poor

b. To provide law-related education for the public

c. To provide law student loans and scholarships

d. To improve the administration of justice

The Grant Application package may be found on the Bar’s website, www.msbar.org. The application reflects the policies and guidelines adopted by the Foundation for IOLTA Grants. We encourage you to review the grants package carefully - grant guidelines have changed. All applications are due by noon on April 12, 2010. The Board of Trustees will make grant selections during June, and all applicants will be notified.

For further information or assistance in preparing your application please contact IOLTA Grants Director Kenneth Wheatley Grants Director at 601-260-4396 / krwheatley@comcast.net or IOLTA Coordinator Angie Cook at 601-948-5234 / acook@msbar.org.

Mississippi Supreme Court decision clarifies insurance coverage related to construction defects. 02.11.10.

The Mississippi Supreme Court, in Architex Association, Inc. v. Scottsdale Insurance Co., No. 2008-CA-01353-SCT, (Click here to review the Court's opinion) held that a construction defect may constitute an “occurrence” under Commercial General Liability (“CGL”) insurance coverage “when property damage is proximately caused by an accident (an inadvertent act)”. In doing so, the Court effectively undoes the ACS case, which had held that, under Mississippi law, a construction defect was not an “occurrence” under standard CGL policies. The ACS ruling by the Fifth Circuit had essentially eliminated recovery for construction defects and even resulting damage caused by such defects under CGL policies issued in Mississippi. For more information, contact Jason Weeks who practices in the areas of construction law, including construction defects, construction litigation and business litigation. 02.11.10.

RANDALL | SEGREST unveils GFE Title Services Fee Calculator to assist mortgage originators comply with requirements of RESPA reform. 01.11.10.

RANDALL | SEGREST is committed to help facilitate the completion of real estate transactions in this current environment of mortgage lending by making our services readily available at a fixed price point.

To demonstrate our commitment, we have developed a new GFE Title Services Calculator for all loan officers and originators which will equip lenders with key information for your Good Faith Estimates.

In light of the new RESPA regulations that took effect January 1, 2010, this GFE Calculator will give mortgage loan professionals the confidence in each transaction that no tolerance issues concerning title services will arise at the closing table because the actual figures will be available before the Good Faith Estimate is generated.

By simply inserting a few items into our GFE calculator, you will immediately receive the exact figures you need for to insert as GFE#4 GFE #5 GFE#7 and GFE#8 in the Good Faith Estimate you provide to your prospective borrower.

It is simple and easy to use. Our GFE calculator allows you to email the results and/or print them for your file. The direct link to the RANDALL | SEGREST GFE Calculator is www.randallsegrest.com/tscalc.aspx.

Our GFE Calculator is also available through our website: www.randallsegrest.com.

Use our GFE Calculator for accurate Good Faith Estimates. An accurate GFE will give borrowers some of the information they need when shopping for a mortgage.

We are always available to answer your questions. Call or e-mail us today.

Jason E. Weeks joins RANDALL | SEGREST as partner. Name of the firm is changed to RANDALL, SEGREST & WEEKS, PLLC. 01.01.10.

Jason E. Weeks joins RANDALL | SEGREST as partner. Name of the firm is changed to RANDALL, SEGREST & WEEKS, PLLC. 01.01.10.