- December 19, 1995
- All Branch Counsel, Underwriters and Agents
- Revocation of Power of Attorney Bodner to Setteducato
As has happened in the past, an attorney has attempted to place everyone on notice of the revocation of a power of attorney by telefaxing a copy of it to this Company (and, undoubtedly, to other companies as well). In this particular case, an individual named Martin Bodner, who had previously appointed Tom Setteducato to be his attorney-in-fact, has executed a revocation of that power. A copy of the revocation and the attorney's cover letter are available through our offices.
While we have no and do not condone the use of this "shotgun" approach to notification of title insurers and others of a legal event, you should make your readers, closers and clearance officers aware of the revocation, so that they will recognize the names should a transaction involving Bodner or Setteducato (or entities known as The Fans of New York, Inc./The Fans of New York County, Inc. and Affiliated Realty Group, Ltd., in which the Power may somehow be involved) occur.
Should you be so unfortunate as to come across such a Power, you should not insure such a transaction without contacting Company Counsel.
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.