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: MI2012005
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Bulletin: MI2012005
Dear Associates:
Please be advised that if you are requested to insure a sale or refinance of property, which property is held in an individual’s (or individuals’) own revocable trust, the Company will not require the submission, or the recording, of the Trust Agreement if the parties record a Certificate of Trust in conformity with the provisions of either MCL 700.7913 or MCL 565.432 (see attached). The Certificate may be executed by the settlor/grantor of the trust, the trustee or the attorney for either the settlor or trustee. However, in the event that the settlor(s) of the trust is deceased, the Company will require submission of the trust and all amendments thereto for review. [Note: The trust agreement may contain provisions for the reversion of the trust property into spousal or family trusts which would require Company review.]
Please disseminate this Bulletin to all appropriate office personnel.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None