VA Indemnity and Escrow Agreeement--Testate
THIS AGREEMENT made in triplicate this _____ day of ___________________ 2____ by and between
_____________________________________ hereinafter called "Depositor", and STEWART TITLE GUARANTY COMPANY, its successors and assigns, hereinafter called ?Insurer? and/or ?Escrowee?;
WHEREAS, said Insurer has been requested to issue its policy or policies of title insurance insuring the title to property situated in __________________________________West Virginia, briefly described as follows:
AND WHEREAS, said property was formerly owned by ____________________________, deceased, who died on ________________________________________, and
WHEREAS, the Estate of said deceased has not been settled and said property is subject to debts, if any, against the estate of said deceased; and
WHEREAS, the property is subject to possible estate and inheritance taxes; and
WHEREAS, the title to said property is subject to possible appeal from the order admitting the will of said deceased to probate, or to possible suit to impeach said will, and to the possible discovery and probate of a later will of said deceased, all within the period prescribed by law; and
WHEREAS, said Insurer has refused to issue such policy without exception to the above matters, unless indemnified as herein set out;
NOW, THEREFORE, Depositor does hereby agree to indemnify said Insurer against any and all loss, costs, damage, charge, liability or expense, including court costs and attorneys' fees, which it may sustain or be put to due to the issuance of owner's or mortgagee policies of title insurance on said property by reason of (1) there being an attempt (a) to subject said property to the payment of debts against said estate, or (b) to subject said property to the payment of estate or inheritance taxes, or (c) to appeal from the order admitting the aforesaid will to probate or institution of suit to impeach said will or the discovery and probate of a subsequent will of said deceased, all within the period prescribed by law, and/or (2) said property being (a) subjected to the payment of debts against the estate of the deceased, or (b) subjected to the payment of estate or inheritance taxes, or (c) affected by appeal from the order admitting the will to probate or institution of a suit to impeach the will or the discovery and probate of a subsequent will of said deceased, and/or (3) unmarketability of the title to said property on account of the fact that same is, or may be (a) liable for debts or possible debts against said estate, or (b) liable for estate or inheritance taxes, or possible estate or inheritance taxes, or (c) subject to the possibility of, or affected by, an appeal from the order admitting said will to probate or the discovery and probate of a subsequent will of said deceased,
INDEMNITY AND ESCROW AGREEMENT
FURTHER, in consideration of the premises, the parties hereto mutually covenant and agree as follows:
As an additional security, the Depositor herewith deposits with the Insurer as Escrowee the sum of $____________________ receipt of which the Insurer/Escrowee hereby acknowledges, to be held by the Insurer subject to conditions set forth below:
(a) That said Insurer shall have the right, in the event that, in the sole and arbitrary opinion of the Insurer, it becomes necessary to apply all or part of said funds to the defense, without obligation to defend, of any claim or claims, as aforesaid, which may be asserted, or to the satisfaction of any such claim or claims, or to the establishment of the title as insured by the policies of said Insurer on account of said matters.
(b) That said amount will be held until one year and two days have expired from the death of the decedent at which time the said sum will be returned to said Depositor, less the charges, if any, of the Insurer and less any amount or amounts of said fund which may have been paid in the defense or satisfaction of any claim or claims as aforesaid, provided Insurer is furnished a certificate of one of its approved attorneys to the effect that no suit has been instituted against the estate for the payment of any debts, and provided that estate and inheritance taxes have been paid, or, the estate is not subject to such taxes, that Insurer is furnished with satisfactory "No Tax Certificate" from the proper taxing authorities and provided further that no subsequent will has been discovered and admitted to probate.
IN WITNESS WHEREOF, the parties hereto have duly signed and sealed this instrument in triplicate.
STEWART TITLE GUARANTY COMPANY, INSURER
Estate Tax Identification Number, or Depositor's Social Security number (to be used by depository for reporting to Internal Revenue Service):
No guidelines are available for this form at this time.