Bulletin: NY000004

Date:
November 01, 1989
To:
All Underwritten Companies
RE:
"Insuring Around"

Dear Associates:

Please be advised that it is improper to issue a title assurance intentionally disregarding an outstanding lien other than one having a completely ascertainable amount wherein actual payment has been made. It is inappropriate to fail to show an outstanding lien, even with an ascertainable amount and indemnity deposits received. Failure to properly advise of an existing lien and/or existing interest in real property may expose us not only to a claim but violation of statute.

In the event that you have some question as to the appropriate procedures to follow with regard to the appropriateness of revealing various liens affecting title to real estate, please contact us at your earliest convenience. Your cooperation and prompt attention in this regard will be most appreciated.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
5.36 Extrahazardous Risks
Exceptions Manual:
None
Forms:
None