Title Guaranty to propose title opinions without abstracts?
Laura McCann/IowaBar
Wednesday January 17, 2007 14:02


----- Message from "Lee M. Walker" <lee@walklaw.com> on Thu, 14 Sep 2006 14:21:15 -0600 -----
To:
<realestate@iabar.org>
Subject:
Re: Title Guaranty to propose title opinions without abstracts?

I agree

Marc R Engelmann wrote:

Long ago and far away the Bar Association helped create the Title Guaranty system in this state with the belief that it served the needs of all of the citizens of this state. To some extent that has been true. Unfortunately, for some time I and others, have felt that the Title Guaranty Division and the Title Guaranty system itself has become a self perpetuating and self aggrandizing beuracracy. They have come to the conclusion that their system needs protection and their efforts are directed towards the benefit of their self preservation rather than the citizens of this state. The Bar Association, (myself included) however, has allowed this to happen by its inactivity and passivity. The law that is on the books barring title insurance's sale, but unfortunately has also been interpreted by the Supreme Court in such a way that it is for all intents and purposes of no effect. We (i.e. The Bar Association) should be honest with the citizens by urging its repeal. What really should happen is that the entire system should be revamped and title insurance should be allowed for everyone and then Title Guaranty and abstractors can compete with in-state as well as out of state parties to conduct this business. The current system is a fraud because the law is not being enforced as we all really know it was intended to be, and the citizens of this state are shipping boatloads of money to out of state title insurance companies because the Supreme Court has mis-interpreted the law. Title Guaranty does not wish to address the root cause of all this (i.e., get a real ban of title insurance in this state) because at bottom they are only interested in selling Title Guaranty and are not concerned with the quality of Titles and the accuracy thereof as we are. It is time that we re-visit the need for Title Guaranty/Title Insurance and also recognize that Title Guaranty's agenda and ours may not be one and the same.

Marc R Engelmann, Attorney at Law, 1111 E River Drive, Davenport, Iowa 52803 (563) 326-6400 FAX (563) 326-6204 E-Mail Marc@engelmannlaw.com

-----Original Message-----
From: realestate-owner@iabar.org mailto:realestate-owner@iabar.orgOn Behalf Of Kristy Arzberger
Sent: Thursday, September 14, 2006 2:48 PM
To: realestate@iabar.org
Subject: Re: Title Guaranty to propose title opinions without abstracts?
I like this suggestion and would definitely participate.  Where do I write?
Kristy Arzberger
----- Original Message -----
From: Gary Allison
To: realestate@iabar.org
Sent: Thursday, September 14, 2006 1:49 PM
Subject: RE: Title Guaranty to propose title opinions without abstracts?

Easy,
 
We need to tell TG that if they do this we will switch to using out of state title insurance companies that do use the abstract-attorney’s opinion method.  They will be out of business without the support of the bar.
 



From: realestate-owner@iabar.org mailto:realestate-owner@iabar.org On Behalf Of Richard Bordwell
Sent: Thursday, September 14, 2006 1:33 PM
To: realestate@iabar.org
Subject: Title Guaranty to propose title opinions without abstracts?
 
It looks like Title Guaranty is planning to kill with the Abstract/Title Opinion system in Iowa.
 
Minutes of the May 23 2006 Title Guaranty Board state in part
:
 “Mr. Ogle discussed Pottawattamie County and Council Bluffs…The attorney/abstract system never took hold there as it has in the rest of the state.  The two abstract companies in Pottawattamie County do not do abstract continuations; rather, they do title searches.  Attorneys do very few title opinions.  TGD will not get into that market if it stands on the requirement on a purchase transaction that there needs to be an abstract continuation based off an abstract when those abstracts don’t exist…  It is a growing market, and Mr. Ogle intends for a TGD to aggressively enter that market and garner back that business.  To do so, TGD will need to create some type of mechanism for attorney to issue title opinions base on something different than what is considered a traditional abstract continuation.”  (emphasis added).
 
Is the Iowa Bar going to do anything to stop this?
 
 
 
Richard S. Bordwell
Bordwell Law Office PLC
Attorneys at Law
Washington, Iowa  52353
Voice 319-653-2177   FAX 319-653-4797
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