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.