Bulletin: WY2020001

Dear Associates:

The following are summaries of some Bills passed during the 2021 Wyoming legislative session which are of interest to the title insurance industry. All Bills became effective as of July 1, 2021, unless otherwise noted.

HB0064 – Modifications to Uniform Fraudulent Transfers Act: This bill shortens the time period in which a creditor can file suit to overturn a fraudulent transfer of property. The bill also establishes certain notice procedures which apply when property is transferred to a spendthrift or irrevocable trust.

HB0091 – Removal of Unenforceable Property Covenants: This bill creates a process that allows for the removal of illegal or unenforceable property covenants. It applies to property covenants which are deemed unenforceable by the United States or Wyoming Supreme Court or which are otherwise in violation of fair housing laws. 

SF0029 – Revised Uniform Law on Notarial Acts: This bill adopts the Wyoming Revised Law on Notarial Acts. Among other provisions, this bill allows for Remote Online Notarization (“RON”) and Remote Ink Notarization (“RIN”) in Wyoming. Stewart’s underwriting guidelines regarding RON and RIN will be more thoroughly addressed in a separate Bulletin. 

SF0038 – Decentralized Autonomous Organizations: This bill revises the Wyoming Limited Liability Company Act to allow the creation of a certain kind of LLC known as a Decentralized Autonomous Organization (“DAO”). A DAO differs from a traditional LLC in that it may be managed, in whole or in part, via algorithms and smart contracts executed by computers. 

SF0066 – Slayer Rule Amendments: This bill updates Wyoming’s Slayer Rule statute to prohibit anyone who feloniously kills another person from receiving property from the deceased person by way of joint tenancy or any other form of co-ownership. The bill also prevents the guilty party from serving as personal representative or any other fiduciary role on behalf of the decedent. 

SF0088 – Ownership of Fossils and Artifacts: This bill clarifies that the term “minerals” when used in any instrument does not include fossils, artifacts or non-fossilized animal remains. The bill further specifies that any fossil, artifact, or non-fossilized animal remains found in the strata below the surface of the land belong to the owner of the surface estate rather than the owner of the mineral estate.

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.