Banking and Commercial Transactions, Blog, Construction Law
Madalyn Kinsey Addresses the Impact of a Recent 7th Circuit Opinion on Bank Financed Projects in Indiana
KGR Partner Madalyn Kinsey is quoted by the Indiana Lawyer in its article regarding a recent 7th Circuit opinion addressing Exclusion 3(a) in the standard title insurance policy. Ms. Kinsey discusses what the ruling means to bank financed construction projects in Indiana. To read the full article, click here.
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Madalyn Kinsey
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Large or Small Law Firm: Which do you Hire?
Let’s frame the discussion with a question: What is a “large firm” vs. a “small firm?” Generally, there are three classes of firms from large firms to mid-level to small. Often the mid-level and smaller firms may also be called “boutique” law firms. The size of these firms vary in every city. In Indianapolis, a large firm might have 200 to 500 attorneys, a mid-level firm 75 to 150, and a small firm from 15 to 50. But in New York, Chicago or Los Angeles, a large firm could have 500 to 1,000 or more, mid-level 200 to 400, and small from 50 to 150. Regardless of location or size, several attributes where large, mid-level and small firms differ will be relatively consistent. Let’s explore some commonly held myths and misinformation. Myth: Large Firms Better Meet Client Expectations A survey published in January 2018, found the rate of client dissatisfaction was three times higher for larger law firms than smaller firms. Why? At a small firm, a client that generates $250,000 in fees is incredibly valuable. That same client might be “small potatoes” to a large firm and perhaps, treated accordingly. Big or small, every legal matter directly affects the client and the client’s company in a significant way. The relationships developed between a smaller firm and its clients take time and effort to nurture. Where smaller firms fight hard for each specific case, larger firms are frequently forced to initiate tried-and-true strategies that fail to take advantage of case nuances that can only come from a…
Blog, Community, Estate, Events, News
COVID-19: Does Your Family Have A Plan?
Everyone should have a durable health care power of attorney in place and a living will. The COVID-19 pandemic makes me anxious and when I’m anxious, I need to channel that anxiety into action. You probably do, too. Your first action, of course, should be to follow the advice of public health professionals. Diligently wash your hands, self-isolate as long as we’re under restrictions, and stay at least six feet away from others if you have to go out. This will greatly reduce your risk of contracting or spreading the COVID-19 virus, according to epidemiologists. But that doesn’t help you plan for unexpected outcomes and long-term issues that impact your finances and your family’s well-being. Think about the following: What would happen if you were unable to make or communicate financial and personal decisions for several weeks due to a critical illness? Are you the family’s bill-payer? Does anyone else know the log-in and password information for your on-line utility accounts, or your bank account, in case you’re incapacitated? If you became sick suddenly, and were away from your home for an extended period, who would take care of your child, pet, or mail? How would your bills get paid? One positive action you can take while you’re working from home is to plan and prepare for your family’s future by completing a few key estate planning documents. Having your wishes documented and creating a formal plan to manage family finances and everyday needs should be a crucial first step. Face it, most of us have put…
Blog, Business, Real Estate
Update: Indiana’s New Witness Requirement on Recorded Documents
Change of an ‘Or’ to ‘And’ Cause Challenges The recent rewording of a law has caused quite a stir in the business and real estate communities. That’s because changes to Indiana Code 32-21-2-3(a), effective July 1, 2020, now require witness signatures on recorded documents. Senate Enrolled Act 340, passed by the Indiana Senate, merely changed an “or” to an “and” but by so doing, it changed this well-established law to require a common law “proof” of a disinterested party to the transaction serving as a witness to the execution of an instrument. This requirement caught many off guard, necessitating re-documenting transactions or hurriedly changing forms. The perceived requirement of having the witness swear that he or she is not a party to the real estate transaction (deed, mortgage, lease, etc.) disclosed by the instrument and does not “benefit” from the transaction adds a layer of complexity to closings. An additional person must now participate in the closing process and swear to an oath. Many financial institutions are reluctant to have their employees give an oath, which rules them out as witnesses. Furthermore, it’s unclear how “benefit” is to be defined in this scenario. Could a year-end bonus based on loan production technically constitute receiving a benefit from this one transaction? While certain financial institutions may not permit their employees to witness signatures, title companies appear to be fine with their employees acting in this role. Rumors have swirled that many of Indiana’s 92 county recorders are ignoring the statute and accepting documents without witness signatures, provided…
Banking and Commercial Transactions, Blog, News, Real Estate
Notarize & Prove Recorded Documents in Indiana Effective July 1, 2020
Effective July 1, 2020 A recent change to Indiana Code section 32-21-2-3(a), which takes effect on Wednesday, July 1, requires all written instruments (such as deeds, mortgages, powers of attorney, affidavits, and any other documents that must be recorded in an Indiana county recorder’s office) to be both notarized and proved. Without going into the nitty gritty details (you can find those on the “directive” from the Indiana State Bar Association ), every recorded instrument must now include a witness statement to prove that the person whose signature is notarized signed and delivered the instrument in the witness’s presence (and the witness’s signature must also be notarized).
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Our Community
The lawyers and staff of Kroger Gardis & Regas, LLP were shocked and appalled at what happened to George Floyd. But it’s not enough to be appalled and to hear the pleas for change; meaningful reform is necessary. We express our sincere hope for a peaceful week and ask our elected leaders to reflect, listen and act thoughtfully on the many issues which face our city, our state and our nation. We all must work together to end the violence, disparagement and lack of understanding, recognize we have serious issues to address, and to thoughtfully heed the calls for justice and unity in our community. As a firm established to advocate for the rights of all citizens we fervently support those expressing their right to speak out individually, and to assemble collectively, to demand an end to the racial injustice so prevalent in our society. Our community’s leaders must heed the call to end disparate treatment of minorities by our law enforcement ranks and immediately begin the process to permanently change how we protect and serve our neighbors, with the active input of those most affected by the disparities. We are in this together. While we don’t have the answers, we want to help find them. Calls for the immediate establishment of a task force to address these issues is a sound one, and we stand ready to support and participate in that effort. Kroger Gardis & Regas has been located in the heart of our Indianapolis urban core for more than 80 years. We aren’t…
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