Bulletin: KY2017002

Date:
July 10, 2017
To:
All Kentucky Issuing Offices
RE:
UNDERWRITING - Amendment to KRS 382.135

Dear Associates:

You will recall last year that the Legislature amended KRS 382.135(1)(a) to require that the "full name" of the grantor and grantee be included in a deed to real property. There was, however, no guidance provided on what, exactly, the "full name" must include. In its 2017 legislative session, the Legislature has attempted to clarify this language by further amending KRS 382.135 to add (6)(a) and (b). This amendment took effect on June 29, 2017. The "full name" of an individual is now determined in accordance with KRS 355.9-503(1)(d) and (e). The "full name" of a business entity is now determined in accordance with KRS 365.015(1)(b) and (c). Please familiarize yourself with these sections, which are attached for your reference. The amended version of KRS 382.135 is also attached. If you have any questions, please feel free to contact the Kentucky Office at (502) 426-1980. 

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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