Bulletin: WY2023001

Dear Associates:

The following are summaries of Bills passed during the 2023 Wyoming legislative session which may be of interest to the title insurance industry. You can find more specific information relating to these Bills at https://www.wyoleg.gov/Legislation/2023.

SF0100: Effects of divorce or annulment.

This Bill clarifies the effect of a divorce decree or annulment on property interests previously held by a married couple as either joint tenants or tenants by the entirety. Upon entry of a divorce decree or annulment the formerly joint property interests are severed and converted to a tenancy in common. The Bill becomes effective as of July 1, 2023.

SF0075: Decentralized autonomous organizations-amendments.

This Bill makes minor modifications to Wyoming’s statutes governing Decentralized Autonomous Organizations (“DAOs”) which were initially adopted in 2021. DOAs are entities operated through blockchain technology which are largely governed by Wyoming’s Limited Liability Company Act. Please contact a Stewart Underwriter for assistance with transactions involving DOAs. This Bill becomes effective as of July 1, 2023.

HB0174: Homestead exemption-amendments.

This Bill raises the Homestead Exception in Wyoming from $20,000 to $100,000. The Bill becomes effective as of July 1, 2023.

SF0068: Prescriptive Easements for water conveyance.

This Bill creates prescriptive easement rights in favor of water users whose man-made canals, ditches or pipelines have crossed the land of another and been in open, notorious, and adverse use for a period of 10 years or more. The Bill becomes effective as of July 1, 2023.

SF0091: Creation of tenancy by the entirety.

This Bill codifies and creates a statutory basis for the long-standing custom and practice of creating a tenancy by the entirety when vesting title in a married couple. Unless the conveyance instrument specifies otherwise, the designation of tenants as “husband and wife,” “spouses” or similar language shall be deemed to establish a tenancy by the entirety. This Bill becomes effective as of July 1, 2023.

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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