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.
Bulletin: AZ000004
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Bulletin: AZ000004
Dear Associates:
House Bill 2493, which will be effective July 13, 1995, added to Title 14 a new Section entitled A.R.S. 14-5503 which sets forth the requirements which must be contained in a Power of Attorney executed in Arizona after the effective date of the Act.
The statute requires that the Power of Attorney must be witnessed by a person other than the agent, the agent's spouse or the agent's children. The Act further provides that a Power of Attorney is terminated by the appointment of a conservator, unless the agent petitions the court within 30 days after notice.
A Power of Attorney executed in another state is valid in this state if it was validly executed in the state in which it was created. As you can see, the statute does create a problem for title examiners as to whether a Power of Attorney executed in another state complied with that state's requirements. Please contact me if you have any questions.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None