Bulletin: NY000214

Date:
October 21, 2003
To:
All New York State Office Counsel, Managers and Agents
RE:
Tax Lien Certificates - Buffalo, Syracuse, Binghamton & Plattsburg

Dear Associates:

On or about September 30, 2003 the State of New York Municipal Bond Bank Agency (MBBA), purchased various tax liens from the cities of Buffalo, Syracuse, Binghamton and Plattsburg. The conveyance of these liens will be evidence by a tax lien certificate. Once the tax lien certificates have been transferred the lien of taxes may only be redeemed through the servicing agent of MBBA, which is:

JER Revenue Services, LLC
6 Devine Street
North Haven, CT 06473
866-226-3002

This conveyance included City, County, Sewer, School and Water back taxes. The purchase by the state included only delinquent taxes that were in arrears from 2002 and older.

The county and city will still index the owed amounts by Tax account number, owner's name and street address. For the county of Onondaga they are developing a new electronic indexing system that will show the recent conveyance to the tax liens. At this time we are to continue ordering tax certificates from the local municipality if you were doing so beforehand.

If you have any questions or are conducting a closing that shows delinquent taxes in arrears from 2002 and older, and the property is located in Buffalo, Syracuse, Binghamton and Plattsburg feel free to contact your local Stewart Title Insurance Company Office.

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:
None
Exceptions Manual:
None
Forms:
None