Bulletin: NYSA000157

Date:
May 06, 2009
To:
All New York State Office Counsel, Managers and Agents
RE:
448-452 Broome Street, New York, NY, Sale through UCC Foreclosure

Effective immediately,

When asked to insure title to real property where the ownership interest is derived by the foreclosure of a member pledge secured by a UCC financing Statement, or the foreclosure of a security agreement securing a pledge of a member interest in an LLC, the issuing office must submit the appropriate high liability form for approval, regardless of the insured amount.

Prior to insuring property at 448-452 Broome Street, New York, NY; owned by Sohomar Property America Corporation and Mediterranean Sun Property America Corporation; company counsel must be contacted.

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:
None
Exceptions Manual:
None
Forms:
None