Mastering Escrow: Basics to advanced applications in real estate and M&A (Includes 1hr on ethics and scam prevention)

Jay L. Hack | The Law Offices of Jay L. Hack

My primary practice for over 45 years has been providing legal services to banks, other licensed financial institutions and business corporations. I provide a full panoply of legal services to my clients, from representing them in multi-million dollar merger transactions to dealing with consumer complaints under federal and state laws. I also assist businesses in implementing cutting edge products and services through the use of modern technologies, including Internet-based offerings and blockchain systems for transferring ownership of valuable assets.

My financial institutions practice addresses a full range of legal needs for banks, holding companies, investment advisors and other licensed or regulated financial service providers. I have led the effort to charter multiple de novo banks, consummate bank mergers and engage in capital enhancement transactions. I assist clients in addressing complex regulatory issues and in dealing with examination comments from the FDIC, Federal Reserve, the Comptroller of the Currency, the NCUA and the New York State Department of Financial Services.

I have represented both lenders and borrowers in documenting and closing complex multi-national trade finance transactions, commercial mortgage loans and construction loans. I do not handle residential mortgage loans, I teach a seminar for newly admitted attorneys on The Anatomy of a Residential Mortgage Loan and I regularly advise clients on a full range of consumer compliance matters.

I provide assistance to banks large and small in implementing retail banking programs from positive pay fraud avoidance programs to remote deposit capture programs using scanners and cell phones. I have negotiated contracts with vendors, including virtually every major core data processing system provider, equipment manufacturer, cybersecurity and emergency backup system provider. I also prepare customer agreements and disclosures to protect banks from liability in conducting normal banking transactions and implementing required disclosures on issues from the privacy of customer financial information to funds availability policies.

Session I – Mastering Escrow: From basics to advanced applications in real estate and M&A | 2:00pm – 3:00pm

• How escrow works
• Disclosure obligations
• Types of escrow accounts and their uses
• Choices, choices, choices
  • Must you follow the attorney escrow rules
  • Which state rules to follow
  • IOLA/IOLTA, or not
• Escrows generally holding other people’s money
• Escrow in real estate transactions
• Escrow in mergers & acquisitions
• IOLA issues and bank reporting obligations

Break | 3:00pm – 3:10pm

Session II – Ethical Considerations and Scam Prevention for Escrow Agents | 3:10pm – 4:10pm

• Ethical considerations for escrow agents
• Conflicts of interest and how to avoid them
• The “bounced check” rule and reporting requirements
• Scams targeting attorneys and their escrow accounts