Bulletin: NY000013

Date:
April 11, 1990
To:
All Underwritten Companies
RE:
Reviewing Deeds Prior to Policy Issuance

Dear Associates:

It has come to our attention that closing personnel are failing to review Deeds of Conveyance and other similar instruments at the time of closing in order to be sure that they conform to the present existing commitment. As you are aware, deeds and similar instruments can create interests that would otherwise be exceptions to the title policy and, therefore, noted in Schedule "B". However, if one fails to note such matters, the document will then be placed of record resulting in our failure to note an appropriate exception; all resulting in potential for claim.

Based upon the above and foregoing, please direct your closing personnel to review deeds and similar instruments with the above stated purpose in mind.

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:
4.16 Deeds Of Conveyance
Exceptions Manual:
None
Forms:
None