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.
Special Alert: SA2009045
Search the Database
Before closing a transaction, all issuing offices must search the names of the parties to the transaction, including the seller, buyer/borrower, payoff lender and new lender, using the Special Alerts database. Go to the Special Alerts database to search for specific names, entities and properties.
Special Alert: SA2009045
Dear Associates:
On October 25, 2009, the following entities filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court, District of Delaware, under Case Number 09-13684 (In re Capmark Financial Group Inc.):
Capmark Financial Group Inc.
Capmark Affordable Equity Holdings Inc.
Capmark Affordable Equity Inc.
Capmark Affordable Properties Inc.
Capmark Capital Inc.
Capmark Finance Inc.
Capmark REO Holding LLC
Capmark Managing Member 4.5 LLC
Broadway Street California, LP
Broadway Street Georgia I, LLC
Broadway Street XV, LP
Broadway Street XVI, LP
Broadway Street XVIII, LP
Broadway Street 2001, LP
Commercial Equity Investments, Inc.
Mortgage Investment, LLC
Net Lease Acquisition LLC
Paramount Managing Member AMBAC II, LLC
Paramount Managing Member AMBAC III, LLC
Paramount Managing Member AMBAC IV, LLC
Paramount Managing Member AMBAC V, LLC
Paramount Managing Member LLC
Paramount Managing Member II, LLC
Paramount Managing Member III, LLC
Paramount Managing Member IV, LLC
Paramount Managing Member V, LLC
Paramount Managing Member VI, LLC
Paramount Managing Member VII, LLC
Paramount Managing Member VIII, LLC
Paramount Managing Member IX, LLC
Paramount Managing Member XI, LLC
Paramount Managing Member XII, LLC
Paramount Managing Member XVIII, LLC
Paramount Managing Member XIV, LLC
Paramount Managing Member XV, LLC
Paramount Managing Member XVI, LLC
Paramount Managing Member XXIII, LLC
Paramount Managing Member XXIV, LLC
Paramount Managing Member 30, LLC
Paramount Managing Member 31, LLC
Paramount Managing Member 33, LLC
Paramount Northeastern Managing Member, LLC
SJM Cap, LLC
Summit Crest Ventures, LLC
Regarding Funding of New Loans:
Funding from the above entities must be accomplished only by federally wired funds to your escrow account. You must confirm with your bank that the funds have been received (not just that the wire has been initiated) and unconditionally credited to your account prior to making any disbursements, releasing or recording any documents, or issuing any title policies.
Regarding Payoffs, Satisfactions and Release:
Require: (a) a current payoff letter (dated on or after Monday, October 26, 2009), and (b) a fully-executed and acknowledged satisfaction/release must be sent to you prior to closing, to be held in escrow.
Regarding that Sale of Real Property (REO):
If you are asked to insure REO property owned by any of the above entities, require a bankruptcy court order specifically authorizing the sale of the subject property free and clear of all liens and interests.
If you have questions relating to this bulletin, please contact Stewart Legal Services or your local underwriting personnel.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None