You Don’t Get to Keep Stolen Property; Neither Should Your Bank
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[Publisher’s Note: We are pleased to offer this original commentary from Assemblyman Don Wagner (R-Irvine) – Flash]
You don’t get to keep stolen property.
That’s a pretty basic legal principle. If your property gets stolen and sold by the thief, the buyer does not get to keep it; you get your stolen property back. You might think everyone agrees with that, but you would be wrong. At a legislative hearing on Tuesday some pretty powerful business interests will argue that they should get to keep stolen property.
The bill raising this issue is AB 1698 and I am its author. It is in response to a growing problem involving real estate fraud and is supported by the California District Attorneys’ Association who see an increasing number of cases of criminals defrauding homeowners – often the elderly – out of title to their homes. The scam is deceptively easy. The criminal can merely record a deed to property, thereby appearing in the title records to actually own it, and then either sell the stolen property to a third… Read More