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: AK000002
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Bulletin: AK000002
Dear Associates:
At the ALTA convention in Anchorage last month the title problems with RICO were briefly discussed.
Both RICO and CCE provide for forfeiture to the United States of real property used for the commission of certain crimes. They also require the forfeiture of real property purchased with money derived from these crimes.
The forfeitures are automatic. Title vests in the United States "upon commission of the act giving rise to the forfeiture".
These statutes protect bona fide purchasers "without cause to believe that the property was subject to forfeiture". Mortgagees fall within this protection. U.S. V. Real Property, (E.D. La. 1987) 650 F. Supp. 1534.
We may be asked to insure property where the U.S. obtained title through forfeiture. Please refer any such requests to me.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None
- Forms:
- None