- April 17, 2009
- All Virginia and West Virginia Issuing Offices
- Stewart Title as Trustee on Deeds of Trust
Please be advised that Stewart Title Guaranty Company (or any of its related companies) should not be named as the trustee on any Deed of Trust in Virginia or West Virginia. Notwithstanding any potential conflicts of interest or other issues arising from being named, Stewart is disqualified by statute in both states. §55-58.1 of the Code of Virginia and §38-1A-2 of the West Virginia Code both provide that no corporation may be named or act as the trustee or as one of the trustees of a Deed of Trust unless its principal office is within the state.
You should review Deeds of Trust provided to you by your lenders, and if Stewart or one of its related entities is named as trustee, contact the lender and request that they name a different person or corporation who is qualified to act in that capacity. In the event the lender asks you for a recommendation, you should refer them to their own attorney or to Stewart's local office.
If you have questions relating to this bulletin, please contact your local underwriting personnel or Stewart Legal Services.
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.