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: KY2022004
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Bulletin: KY2022004
Dear Associates:
Please note these items of interest from the 2022 Legislative Session:
HB 523 amends KRS 382 to give purchase money mortgages priority over buyer judgment liens. The liens will still attach to the property but be in a subordinate position to the purchase money mortgage. The liens should be shown as subordinate matters on loan policies, and as exceptions on any owner policy issued to the buyer.
HB 321 amends KRS 186A to allow a county clerk to accept an affidavit from an attorney who satisfies a lien on a mobile home, which will help facilitate the conversion process.
SB 135 amends KRS Chapter 67 and implements new requirements for county clerks, including electronic recording and online records requirements.
Please take a moment to read through these bills. The effective date for all is July 14, 2022. Please contact the Kentucky office with any questions.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
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