Recorder's Use of Blockchain and Orders Declaring Heirship - March Monthly Meeting | Oak Brook

  • Wednesday, March 13, 2019
  • 8:00 AM - 9:30 AM
  • Hamburger U, McDonald’s Campus, 2815 Jorie Boulevard, Oak Brook, IL, 60523
  • 40

Registration

  • Non-members

Registration is closed

Speaker:  Paul Peterson
Topic:  Recorder's Use of Blockchain and Orders Declaring Heirship

Presentation Overview: 

The presentation will first discuss Blockchain,

-what Blockchain is,

-the Cook County Recorder Blockchain Pilot Program Final Report discussing their goals and efforts to use Blockchain for real estate information including titles,

-the Illinois Blockchain and Distributed Ledger Task Force Report to the General Assembly, -legislative efforts to facilitate Blockchain in Illinois and

-the IBJ article Problems Blockchain Doesn’t Solve as to why Blockchain will not replace title insurance.

The second part of the presentation will discuss the Cook County Recorder’s decision to require an Order Declaring Heirship for a deceased sole owner, including

-the passage of title to an heir or legatee that is subject to claims against the estate, rights of the personal representative if and when appointed and potential state and federal estate taxes.

-the reasons why a probate estate may be necessary

-a probate proceeding that prays no letters of office issue but an order declaring heirship and a will be admitted does not affect the 2-year claims period, the rights of the personal representative or the potential state and federal estate taxes and provides minimal value to the heirs and devisees and their purchasers.

-the status of the suit by the Illinois Land Title Association to compel the Cook County Recorder to permit the recording of deeds from heirs and legatees without an order from the Probate Court.

Speaker Biography:

Paul Peterson is Vice President and Senior Underwriter of the Fidelity National Family of Title Insurance Companies.  Paul joined Chicago Title in 1971.  Paul has specialized in mechanics’ lien underwriting, mechanics lien workouts and claims, and financial analysis on a national basis since 1982.   He is the author of the February 2019 Illinois Bar Journal article Problems Blockchain Doesn’t Solve and the November 2018 ISBA Real Estate Law Section Council newsletter article The Effect of an Order Declaring Heirship. He is a frequent lecturer for the CBA, the ISBA, his firm and other groups and has lectured nationally on various topics.  He has authored or co-authored several chapters for IICLE and the ISBA.  He is also the author of several title company publications including Rights of Heirs, Legatees and their Purchasers in Illinois and the current editor of Practical Aspects of Mechanics Lien Claims


    Please register in advance.

    This course is also offered as a webinar, for details click here.

    MCLE: IRELA members will receive one (1) hour of credit, at no cost. Non-members registration is $50 and includes MCLE credit.

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    For more information, please contact IRELA at: (312) 600-7720.

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