Bulletin: KY2018002

Date:
July 03, 2018
To:
All Kentucky Issuing Offices
RE:
UNDERWRITING - Uniform Power of Attorney Act

Dear Associates:

Please be advised that the Kentucky General Assembly adopted the Uniform Power of Attorney Act (2006) in its regular session this year. The law goes into effect on July 14, 2018. Please familiarize yourself with this Act, which can be accessed here.

Among other things, a POA created under the Act must be signed in the presence of two disinterested witnesses. A POA will now be durable unless it expressly states that it is terminated upon the incapacity of the principal. There are also timing provisions for accepting a POA, and consequences for failing to accept it in accordance with the provisions of the Act that include a court order mandating acceptance, and liability for attorney's fees incurred in an action to confirm the validity of the POA. 

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

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:
15.52 Powers Of Attorney
Exceptions Manual:
None
Forms:
None