Bulletin: AZ000003

Date:
June 07, 1995
To:
All Arizona Issuing Offices for Stewart Title Guaranty Company
RE:
Community Property with Right of Survivorship

Dear Associates:

This Bulletin supersedes and replaces Arizona Underwriting Bulletin No. AZ000002.

House Bill No. 2493 which was recently passed, becomes effective July 13, 1995. Part of that Bill is a revision of A.R.S. §33-431 which establishes community property with right of survivorship as a permitted form of holding title to real property in Arizona. The Bill is retroactive as to any deed recorded from and after December 31, 1994 declaring that a husband and wife take property as community property with right of survivorship.

The revised statute permits the transfer of property held by husband and wife or either of them to be made directly to the husband and wife as community property with right of survivorship.

The statute also provides that right of survivorship may be extinguished by an Affidavit entitled "Affidavit Terminating Right of Survivorship". I am enclosing a copy of Pages 17, 18 and 19 of House Bill No. 2493 setting forth the changes to A.R.S. §33-431 .

Where title is to be taken by husband and wife as community property with right of survivorship, the conveyance should contain an acceptance by the husband and wife as community property with right of survivorship. This may be done on the deed itself, or on an attachment similar to what many of you currently use for joint tenancy deeds.

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:
AZ000002 This Bulletin has been replaced by AZ000003.
Related Bulletins:
None
Underwriting Manual:
3.32 Community Property
 
8.16 Husband And Wife
 
10.00 Joint Tenancies
Exceptions Manual:
None
Forms:
None