- July 08, 2005
- All New York State Office Counsel, Managers and Agents
- First Amendment to First Amended Mutual Indemnification Agreement
On July 27, 2005 Stewart Title Insurance Company joined in the execution of the First Amendment to the First Amended and Restated Mutual Indemnification Agreement. The other participating companies are Chicago Title Insurance Company, Commonwealth Land Title Insurance Company, Fidelity National Title Insurance Company, First American Title Insurance Company, Lawyers Title Insurance Corporation, Old Republic National Title Insurance Company, Ticor Title Insurance Company, Ticor Tile Insurance Company of Florida, Transnation Title Insurance Company of New York, United General Title Insurance Company and Washington Title Insurance Company.
The purpose of the amendment is to reflect the addition of four new items to the Applications of Mutual Indemnification Agreement (“Applications”), as mutually agreed upon by all participants. At the same time, the Memorandum of Mutual Indemnification Agreement (“Memorandum”) was amended to correct what was, essentially, a scrivener's error.
The new applications are those numbered 8-11 on the attached copy. All are fairly straightforward and provide guidance in the areas of who may supply copies of an Indemnitor's policy or marked report, handling of liens filed by condominiums for unpaid common charges, effectiveness of recorded powers of attorney and the inclusion of government agencies, such as HUD or the FHA, which have acquired title to properties, post mortgage foreclosure, from foreclosing lenders pursuant to loan guarantee programs.
The “correction” to the Memorandum was to clarify the point that it is the Indemnitee's policy that must be issued after April 1, 2005 for the provisions of the Amended and Restated Mutual Indemnification Agreement of that date to apply.
If you have any questions regarding any aspect of the Mutual Indemnification Agreement, please call company counsel.
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.
- Bulletins Replaced:
- Related Bulletins:
- NY000241 Mutual Indemnity Agreement - Fidelity National Title Insurance Company
- NY000249 First Amended and Restated Mutual Indemnity Agreement
- NY000250 First Amended and Restated Mutual Indemnity Agreement
- Underwriting Manual:
- Exceptions Manual: