On January 3, 2021, Congress passed the National Defense Authorization Act (NDAA) over a veto by the President. Contained therein was the authorization of the Corporate Transparency Act (CTA) which creates reporting requirements to the Federal Government for many entities. At the Federal level, and under the purview of the Department of the Treasury, the…

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Case of the Month MES Investments, LLC v. Dadson Washer Service, Inc. MES Investments, LLC (“MES”) purchased a 22-unit apartment complex in West Hollywood in February 2017 that included a laundry room facility.  The space for the laundry room was leased to Dadson Washer Service, Inc. (“Dadson”) back in March of 2002 by the previous…

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The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation issued a statement earlier this month encouraging banks to transition away from the U.S. Dollar (USD) LIBOR as soon as practicable.  The target date for transition is the end of 2021 though…

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The Financial Crimes Enforcement Network (FinCEN) has renewed of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind residential real properties acquired by entities without conventional financing. These renewed GTOs are identical to the May 2020 GTOs. The purchase amount threshold remains $300,000 for each covered metropolitan area. The terms of this Order became effective November…

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Clifford Allen Brace, Jr. et al. v. Steven M. Speier Clifford Allen Brace, Jr. & Anh Brace are a married couple that purchased two real properties, one in the 70’s and one in the 80’s. Thereafter, in 2011, Clifford Brace filed Chapter 7 Bankruptcy (only him). Characterization of the jointly held properties as joint tenancy or community property determines the extent to which…

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On November 3, 2020 California voters passed Proposition 19 known as the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act.  Prop 19 will make changes to the special rules for certain eligible homeowners to transfer their tax basis and will limit the tax basis transfer on inherited properties. …

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27th, 2020.  Since then, scammers and fraudsters have been trying to take advantage of small businesses that are already suffering from the economic impacts of the COVID-19 Coronavirus shutdowns.  Part of the CARES Act is the Paycheck Protection Program (PPP)…

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With the implementation of social distancing because of COVID-19, many states have made changes to their notary laws to allow for remote notarization.  California has not. At the Federal level, a bill has been proposed that would override state law and allow for remote notarization nationwide under specific conditions.  California has opposed this bill, and…

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Case of the Month Adams v. Bank of America, N.A. et al. Plaintiff Connie Adams obtained a $422,750 loan secured by a deed of trust on a residential property located in Vallejo California in August 2006. The deed of trust lists Adams as a “borrower” and the lender was Countrywide Home Loans doing business as…

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On July 15th, verified Twitter accounts were hacked in an elaborate bitcoin scam. Verified accounts on Twitter display a blue verified bade and are used on public interest accounts. Typically this includes accounts maintained by users in music, acting, fashion, government, politics, religion, journalism, media, sports, business, and other key interest areas.  The scammers solicited…

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