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: OR000011
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Bulletin: OR000011
Dear Associates:
The 1989 legislature amended ORS 79.1040 (10) and ORS 93.640 (1) to overrule this case. The law in Oregon is now settled that assignments of Real Estate Contracts, or the proceeds thereof, by sellers and purchasers need only be recorded with the County Clerk. This includes assignments for security purpose only. It is not necessary to file a financing statement with the Secretary of State.
These amendments were not retroactive. They apply only to documents recorded after October 2, 1989. In theory, financing statements could have been filed prior to this date without recording at the county level.
Notwithstanding this potential problem, you may now disregard the Chiapuzio case and do not need to set up a special exception for financing statements. The risk of loss is negligible.
Please contact me if you have any questions or disagree.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None