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: NY000073
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Bulletin: NY000073
Dear Associates:
A few weeks ago we advised you of the requirements of a local law enacted by the Nassau County Board of Supervisors which imposed additional requirements and fees on the recording, filing and indexing of instruments. Please see bulletin NY000060 New Recording Requirements Affecting Nassau County. You will recall that certain information such as the Section, Block and Lot and the "Record and Return" statement were to appear in a certain part of the deed. In addition, self-addressed, stamped envelopes had to be provided to the County Clerk to assure that instruments would be mailed back to the appropriate parties.
The New York State Land Title Association (NYSLTA), along with 7 title insurance companies (including Stewart Title Insurance Company) brought an action to enjoin the Nassau County Clerk from implementing the provisions of Local Law 4.
As a result of that lawsuit, a stipulation staying the implementation of Local Law 4 until May 15, 1995 has been signed by all the parties. The effect of the stipulation is that the recording procedures in Nassau County will remain as they were prior to October 12, 1994 (the date Local Law 4 would have been effective). None of the requirements of Local Law 4 will be implemented by the County Clerk during the period of the stay.
The parties have agreed to work together toward mutually satisfactory revisions of the current recording process, including the creation of a standardized cover sheet. The Nassau County Clerk indicated that she would use her best efforts to involve the clerks of other counties in the settlement discussions.
Should you have any questions regarding this matter, please contact Company Counsel.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None