Bulletin: RI2013002

Date:
September 17, 2013
To:
All Rhode Island Issuing Offices
RE:
UNDERWRITING - Washington County foreclosures after August 8, 2012

Dear Associates:

Rhode Island has non-judicial foreclosures and foreclosure advertisements are governed by R.I.G.L. § 34-11-22. Among other things, this section specifies that foreclosures initiated in Washington County (including Block Island) must be advertised in either a daily newspaper published in the county or in the Providence Journal. The only daily newspaper published in the county was the Westerly Sun and some local foreclosures were advertised there. Unbeknownst to most people, the Westerly Sun moved its offices to Pawcatuck Connecticut on August 8, 2012. As of that date the Sun no longer qualified as a daily newspaper published in the county. Consequently, foreclosures advertised in the Sun after that date are invalid under R.I.G.L. § 34-11-22. The only remedy would be to again foreclose with a proper foreclosure advertisement. See Beaufort v. Warwick Credit Union 437 A 2d 1375, 1378 (R.I. 1981) where the R.I. Supreme Court adopted the “home office rule” as to the publishing of newspapers.

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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