Bulletin: NY000101
Dear Associates:
On September 6, 1995, Underwriting Bulletin No. NY000100 (the prior bulletin), reported on the settlement of a lawsuit relating to the recording of instruments, brought by a number of title insurers against the Nassau County Clerk. The prior bulletin indicated that, "as a result of the litigation, Local Law No. 4 (1994), would not be implemented and would instead be replaced by a new Local Law No. 5 (1995)".
Local Law 5 (1995) contains the 3 requirements referred to in the prior bulletin, namely, a $10.00 block fee, a computer generated cover sheet to be prepared by the Nassau County Clerk&'s office and the placement of the section, block and lot number on the first page of the instrument. There is no longer a requirement for a stamped, self-addressed envelope to be submitted to the Clerk's Office in order to obtain a return of documents after they have been recorded.
However, in explaining new Local Law 5, the prior bulletin referred to an &"additional $10.00 block fee". In order to clarify any misunderstanding, please be advised that the block fee referred to in Local Law 5 is the same block fee which was in effect prior to the settlement of the litigation. It does not represent a new block charge, nor does it represent an increase in such charge in Nassau County.
In addition, the prior bulletin indicated that Local Law 5 provided for a computer generated cover sheet to be prepared by the County Clerk's Office. This requirement is not new and had been in effect prior to the settlement of the litigation. However, as a result of the settlement, there is no longer a requirement for the preparation, by hand, of a cover sheet by the person submitting a document for recording.
Should you have any questions regarding this clarification, please contact the undersigned.
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.