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: MN2016001
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Bulletin: MN2016001
Dear Associates:
Effective January 1, 2016, new Uniform Conveyancing Blank forms became available in Minnesota for conveyances that involve trustees and custodians, more particularly described as follows:
FORM | NUMBER |
Certificate of Trust by Individual | 90.1.1 |
Certificate of Trust for Business Entity | 90.1.2 |
Affidavit of Trustee -- Inter Vivos Trust | 90.1.3 |
Affidavit of Trustee – Testamentary Trust | 90.1.4 |
Certificate of Custodianship by Individual | 90.2.1 |
Certificate of Custodianship by Business Entity | 90.2.2 |
Affidavit of Custodian | 90.2.3 |
Changes in the law for Minnesota trusts (Chapter 501C) and custodianships (Minn. Stat. §507.49 – 507.50) prompted the form revisions. These new forms are substantially similar to the prior uniform trust and custodian forms, with some modification, and reference to the new statutes. A relevant certificate and affidavit should be recorded to support a trustee/custodian conveyance (including a mortgage). Please discontinue use of prior versions and start to use the new forms for applicable transactions at this time.
Minnesota Department of Commerce website (Click to View)
Agents please contact PropertyInfo Customer Care or your title production software vendor to get the new rates/forms changes implemented in your system.
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References
- Bulletins Replaced:
- None
- Related Bulletins:
- None
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None