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: NYSA000423
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: NYSA000423
Effective immediately, all policy-issuing offices are instructed not to accept any orders or close any transactions involving the people and/or premises listed below without prior written approval of Stewart Title Insurance Company Agency Legal Services.
Premises:
20 Crescent Drive, Thiells, NY
Rockland County
Names:
FV-I, Inc., as Trustee for Morgan Stanley Capital Holdings LLC (principal)
Meridian Asset Services, LLC (as agent)
Notes on Alert:
FV-I, Inc. is looking to delegate its fiduciary duties as trustee to Meridian Asset Services by limited power of attorney for the purpose of executing the closing documents for the sale of the referenced parcel. Such a delegation is invalid UNLESS the trust agreement specifically allows for such appointment. Agents are prohibited from insuring a transaction based on documents executed pursuant to this power of attorney without first obtaining the trust agreement and approval of Stewart Title Insurance Company Agency Legal Services.
There is no prohibition from insuring a transaction where the documents are executed directly by FV-I as trustee or pursuant to a corporate resolution validly passed by FV-I, Inc, appointing a person or entity, including Meridian Asset Services, as a limited officer duly empowered to execute and deliver the documents.
In the event you have any transactions involving the people and/or premises listed above please contact Stewart Title Agency Legal Department at 212-922-0050 and speak with any Agency Legal Services Counsel.
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