- December 27, 1996
- All New York Offices and Agents on Long Island and in the City of New York
- Satisfaction of Mortgage Recorded in Error Premises: 931 Cherry Lane, Franklin Square, N.Y. Section 33 Block 599 Lot 21 - County of Nassau
A letter was sent to an agent of Stewart Title Insurance Company who has prepared a title report in connection with a transaction that may take place on the above-captioned premises within the next few weeks. The letter is from an attorney, Frank Mavroudis, who indicates that he represents Equivest, Inc. the holder of the following mortgage:
Mortgage made by William P. Ryan and Maryann Ryan, his wife, to Delta Funding Corp. in the amount of $55,000 dated 1/11/94 recorded 3/31/94 in Liber 16154, Page 0538. The mortgage was assigned by Delta Funding Corp. to the Bank of New York by assignment dated 3/7/74 and further assigned to Equivest, Inc. by assignment dated 5/2/96.
Mr. Mavroudis state in his letter that the above-mentioned mortgage was satisfied of record inadvertently, that, in fact, the mortgage indebtedness was not paid off and remains an ongoing obligation. He is in the process of obtaining an order to show cause to vacate the satisfaction but has chosen to notify this Company of error, in the event that this matter goes to closing prior to a determination on the merits of the order to show cause.
If you have an open title application or title report, or you were asked to insure a transaction involving the above-captioned premises, please contact this office prior to the scheduling of any closing with respect to such premises.
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.