Bulletin: NY000022

Date:
January 21, 1991
To:
All Underwritten Companies
RE:
Additional Security Instruments

Dear Associates:

Occasionally, we have been asked to describe Security Instruments in additional. to the Mortgage in Schedule "A" of the loan policy. These instruments may include, but are not limited to, collateral assignments of leases, assignments of vendor's interest on the contracts for deed, financing statements and security agreements. However, please note that these instruments do not necessarily represent insurable interests in real property and, therefore, the title insurance policy does not insure them. Accordingly, do not describe these additional instruments in Schedule "A" when describing the Mortgage.

However, in the event that such instruments are part of the subject transaction, please perform the following:

1. Describe the additional security instruments in Schedule "B" of the policy; or,

2. In the event the insured lender insists that such instruments appear in Schedule "A", please insert the following language:
" Note: The indebtedness secured by the lien of the insured mortgage is additionally secured by the following instrument, which is not insured hereby: _______ (i.e. collateral assignment of lease)."

In the event that the above are not acceptable alternatives to your particular situation, please do not hesitate to contact your appropriate underwriting personnel in order to discuss this matter further. As in the past, your prompt attention and cooperation will be most appreciated.

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.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
11.28 Loan Policies
Exceptions Manual:
NY Mortgages
Forms:
None