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: VA2008001
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Bulletin: VA2008001
Dear Associates:
The 2008 Virginia Legislature amended §8.01-241 of the Code of Virginia to reduce the amount of time in which the lien of a deed of trust may be enforced against real property. Effective July 1, 2008, the lien of a deed of trust may not be enforced after ten years from the maturity date. Except as set forth below, you need not require the release of any deed of trust which is more than ten years past its maturity date.
LIENS TO WHICH THE STATUTE MAY APPLY:
Liens securing non-institutional lenders. If the secured party is, for example, an individual or a trust, we will consider applying the revised ten-year statute of limitations. You must call underwriting counsel for approval to treat these liens as expired.
LIENS TO WHICH THE STATUTE DOES NOT APPLY:
1. Liens securing governmental entities.
2. Deeds of trust for which no maturity date is stated. Unchanged; lien does not expire until 20 years after date.
3. Credit Line deeds of trust for which no maturity date is stated. Unchanged; lien does not expire until 40 years after date.
Any questions on whether or not to treat a lien as expired should be directed to Stewart's state counsel.
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References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None