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: MO2019002
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Bulletin: MO2019002
Dear Associates:
This new legislation, now in effect, provides 1. If a property is subdivided and a new property description is created, such property description shall include the name, and professional license number, if applicable, of the person that created the property description.
2. No person shall submit for recording a conveyance of any property under subsection 1 of this section unless the property description of such property contains the information required in subsection 1 of this section.
Since this is new legislation, there is no case law. The question I receive is “What if a conveyance is recorded which does not contain the required information?”
In that instance, raise the following exception: “Consequence of failure to comply with RSMo 442.135 (2019).
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References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None