RPFSS: Hawaii Title Insurance Issues Involving Series LLCs and Federal FinCEN Requirements (RECORDED)
This program is a recording of the Live Seminar held on September 22, 2017.
If you attended the live program; You cannot claim CLE for watching this recorded program.
A few states have enabled the organization of “series” limited liability companies, which permits the LLC to associate assets and liabilities with one of the separate series within the so-called “host” LLC. One of the primary purported advantages is to isolate the assets of one series from the liabilities of other series. Hawaii has not yet adopted similar statutes. One of the questions is whether a series of an LLC is a separate entity in which title to Hawaii real property, especially real property registered with the Land Court, may be vested. Another question is to what extent Hawaii court will recognize the segregation of liability. This session will discuss the title insurance issues arising out of series LLCs in Hawaii. Another recent development in the title insurance industry is the extension of the federal FinCEN (Financial Crimes Enforcement Network) Geographical Targeting Order to the County of Honolulu. Effective as of September 22, 2017, title companies are required to report certain beneficial ownership information for entities used to purchase residential properties in all-cash transactions in an amount of $3,000,000 or more. The session will discuss the parameters of the Geographical Targeting Order and what information will be required from the purchasers.
Lorrin Hirano, Esq.,Title Guaranty
Born and raised in Honolulu, HI, Lorrin Hirano, always loved maps. In fact, in the sixth grade, his career aptitude test showed that he should consider becoming a cartographer. Lorrin graduated from the University of California at Berkeley with a degree in Law. In 1984, he started his career with the law firm of Ashford & Winston, LLP, where he worked for 14 years; and concentrating on title insurance defense litigation. While there, he remembers working on a quiet title case and having a beer with Clint “Tink” Ashford and John Cline Mann. During their conversation, Lorrin was fascinated with their ability to name all of the ahupua‘a and ili along the western coast of the Island of Hawaii. While there, he also met his mentor, John Jubinsky, Esq., and with whom he continues to work. In 1999, Lorrin joined Title Guaranty of Hawaii, Inc., where he is now the Sr. Vice President and Legal Counsel for Title. Lorrin’s best lesson learned over the years: in any real estate transaction, always walk the land, and, even better, go with the surveyor whenever possible.
How to Register:
Credit: This seminar qualifies for 1 CLE Credit
Duration: approximately 1 hour
$15 RPFSS Section Member Discount, Subject to verification
$50 All Other Members
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