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: TX000005
Bulletins by State or Territory
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Bulletin: TX000005
Dear Associates:
Schedule B of the current Texas Owner Policy contains the following exception:
"4. The following lien(s) and all terms, provisions and conditions of the instrument(s) creating or evidencing said lien(s):"
The customer sometimes requests that we state the word "none" or "none of record" after this language. However, no specific procedural rule authorizes any affirmative language in connection with this exception. We also face the additional risk of a suit outside of the policy limits because of a misrepresentation if we state the word "none".
Therefore, if you are requested to state "none" or "none of record" after paragraph number 4, where our examination reveals no liens, you should instead offer to delete paragraph number 4. By this procedure, we will minimize any claim of a representation outside of the policy form as to the status of title.
Where requested, you may continue to say "none" (where appropriate) on policies to the State Highway Department or State of Texas.
If this response is not satisfactory to your customer, please call the National Legal Department.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- Exceptions Manual:
- None