- November 26, 2008
- All Issuing Offices
- Special Alert - Collected Funds - Split Closings - LandAmerica Financial Group Title Insurers
Effective immediately, you should accept only wired funds from Commonwealth Land Title Insurance Company, Lawyers Title Insurance Corporation, LandAmerica NJ Title Insurance Company and United Capital Title Insurance Company.
The funds should be deposited, fully settled and unconditionally credited to your escrow account before closing.
If you are closing and insuring one side of a "split closing", verify that the funds are credited to your account before you authorize delivery of documents for recording or release funds from your escrow account.
This Bulletin does not question the solvency of any of these insurers. However, the recent news of the bankruptcy filing of the parent LandAmerica Financial Group necessitates prudence and the advisability of requiring collected and fully credited funds prior to closing and insuring any transaction.
If you have any questions, please contact Stewart underwriting personnel.
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.