Bulletin: NY000502

Date:
June 01, 2012
To:
All New York State Agents, Office Counsel and Managers
RE:
Revised Standard New York Endorsement Effective July 1, 2012

The New York Department of Financial Services has accepted an amendment to the “Standard New York Endorsement” both for use with the Owner’s Policy and the Loan Policy which TIRSA proposed earlier this year.  The effective date for these two amended endorsements is July 1, 2012. I attach clean and redlined copies for your convenience. The updated endorsements will be posted on our website on July 1, 2012.

The purpose of the amendment qualifies the phrase “statutory lien” by inserting after it “arising under Article 2 of the New York Lien Law”.

New Standard New York Endorsements (click to view)

On July 1, 2012, please begin to issue the new form of endorsement only.  

If you have any questions regarding this bulletin please contact John A. Frates, Esq. at jfrates@stewart.com or call 212-922-0050 and speak with any Agency Legal Services counsel.

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