Bulletin: NYSA000265

Date:
September 10, 2012
To:
All New York State Agents, Office Counsel and Managers
RE:
Various Parties, Mortgage Satisfactions and Discharges

In Bulletin No. NY000500, Stewart Title Insurance Company alerted you to a possible scheme to avoid mortgages. In connection Bulletin 500, we have become aware of other attempts to set aside mortgages by the execution of Mortgage Satisfactions/Discharges, Cancellation of Lis Pendens and Discontinuances of Action.  While you are reminded to review this Company’s various other bulletins regarding the authenticity of Satisfactions/Discharges generally, effective immediately, all policy issuing offices are alerted to the particular names below, and instructed to review recent Satisfactions/Discharges, Cancellation of Lis Pendens and Discontinuances of action to determine if the document can be relied upon. 

John Ruzza
Chris Castle
Bruce A. Lewis
Pillow Foundation
OffShore Global Resources
Private No Trespass
Holy Ghost Trust
Pacific Blue Holdings
Azzur Holdings

In connection with Bulletin No. NY000500[1], please be aware of Satisfactions of mortgages, Discontinuance of Foreclosure actions or Cancellation of Lis Pendens that are executed by one of the above parties as authorized representatives are not acceptable as clearance for the mortgage unless approved in advance of closing by Underwriting Counsel.

In the event you have an open order with any of these entities and/or parties, please contact John Frates at jfrates@stewart.com or call 212-922-0050 and speak with any Agency Legal Services counsel.


[1] This Bulletin should be read in context with NY000036 and NY000396 as well

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