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: WA000004
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Bulletin: WA000004
V
2
Date: June 23, 1989
To:
All Washington Agents
RE:
Tax Sales
Dear Associates:
The Washington Supreme Court has ruled that a covenant to pay assessments to a homeowners association survives a tax foreclosure sale. Lake Arrowhead Community Club v. Looney, 770 P.2d 1040 (1989). The court held that a "covenant to pay assessments for the maintenance of neighborhood facilities qualifies as an appurtenant easement" and is not extinguished by a tax sale.
This decision reverses a ruling to the contrary by the court of appeals that I reported to you on April 15, 1988.
This case affirms (again) the high risk involved in insuring through tax sales.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None