September Brown Bag Lunch & Learn
Hawaii Title Insurance Issues Involving Series LLCs and Federal FinCEN Requirements
Presented by Lorrin Hirano, Esq., Title Guaranty of Hawaii, Inc.
Date/Time: Friday, September 22, 2017 at 12:00 – 1:00 p.m.
Place: HSBA Conference Room (1100 Alakea Street, 10th Floor, Honolulu, Hawaii 96813)
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.
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The handouts for this presentation can be found by CLICKING HERE.