Bulletin: NJ000076

Date:
October 01, 2003
To:
All Issuing Offices in New Jersey
RE:
Clearing Judgments

Dear Associates:

As all of you are aware, open judgments affecting any file must be cleared either at or prior to closing. Under certain circumstances, if specifically authorized by the Company, an escrow may be held to expedite the closing; however, a Warrant of Satisfaction must be obtained for all open judgments unless authorized by the state office.

In usual circumstances, the Warrant should be obtained by contacting the plaintiff's attorney listed on the judgment search. The attorney should supply you with a payoff figure and either send you the Warrant to be held pending the attorney's receipt of the payoff funds, or confirm in writing that you will be sent the Warrant on the attorney's receipt of the payoff funds.

There are, however, cases where you will not be able to contact the record attorney, or the attorney will advise you that they no longer represent the client. In some cases, it may be appropriate or necessary for you to hold funds until you obtain the payoff figure. In order to calculate the amount to be held, you must apply the post judgment interest rates to the judgment and add at least ten percent to that figure. Please then call our office with your figure and speak with counsel in order to obtain authorization.

Judgment interest is calculated as simple interest, not compound. The rates are set forth on the attached chart.

Please call the state office if you have any questions.

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.

NEW JERSEY POST JUDGMENT INTEREST RATES

Judgment Under $15,000 Over $15,000

Rate prior to April 1, 1975 6.0% 6.0%
April 1, 1975 - September 13, 1981 8.0% 8.0%
September 14, 1981 - January 1, 1986 12.0% 12.0%
January 2, 1986 - December 31, 1986 9.5% 9.5%
January 1 - December 31, 1987 7.5% 7.5%
January 1 - December 31, 1988 6.0% 6.0%
January 1 - December 31, 1989 7.0% 7.0%
January 1 - December 31, 1990 8.0% 8.0%
January 1 - December 31, 1991 8.5% 8.5%
January 1 - December 31, 1992 7.5% 7.5%
January 1 - December 31, 1993 5.5% 5.5%
January 1 - December 31, 1994 3.5% 5.5%
January 1 - December 31, 1995 3.5% 3.5%
January 1 - August 31, 1996 5.5% 5.5%
September 1 - December 31, 1996 5.5% 7.5%
January 1 - December 31, 1997 5.5% 7.5%
January 1 - December 31, 1998 5.5% 7.5%
January 1 - December 31, 1999 5.5% 7.5%
January 1 - December 31, 2000 5.0% 7.0%
January 1 - December 31, 2001 5.5% 7.5%
January 1 - December 31, 2002 6.0% 8.0%
January 1 - December 31, 2003 3.0% 5.0%
January 1 - December 31, 2004 2.0% 4.0%

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
10.08 Judgments
Exceptions Manual:
NJ Judgments
Forms:
None