- January 17, 1997
- All Ohio Agents
- Amended Substitute Senate Bill No. 262
The provisions of Amended Substitute Senate Bill No. 262 (the Bill) becomes effective March 18, 1997. It amends, modifies or repeals Sections 315.251, 371.22, 319.203, 5301.252 and 5302.171 of the Revised Code.
Original section 317.22(B)(2) of the Revised Code required a trustee to submit an affidavit to the County Auditor before the title to real property cold be conveyed by the trustee. That Section also set forth the information to be contained in said affidavit. The above Bill completely repeals paragraph (B)(2) of Section 317.22 of the Revised Code, thereby negating the need for such an affidavit from the trustee.
Original section 5302.171 of the Revised Code required a successor trustee of a trust owning real property to file an affidavit, within thirty (30) days of the removal of the prior trustee by reason of death, resignation or any other reason and containing certain information as set forth in the statute. The new amended Section 5302.171 of the Revised Code still requires the successor trustee or any co-trustee to file an affidavit, as soon as practical, not within thirty (30) days, after the death, resignation, removal or other event terminating the appointment of the trustee of the trust. This affidavit shall not be required if the original trust instrument naming the trustees and successors and containing relevant facts pertaining to the succession of trustees, or if a Memorandum of Trust in compliance with Section 5301.255 O.R.C. that contains relevant facts pertaining to the succession of trustees, is recorded in the office of the county recorder.
Failure to record the affidavit required by this section does not affect title to real property in one or more trustees.
Section 315.251 O.R.C. as amended by the Bill still requires a boundary survey and survey plat, conforming to the Minimum Standards for Boundary Surveys promulgated by the Board of Registration for Professional Engineers and Surveyors pursuant to Chapter 4733 O.R.C., whenever land to be conveyed is a cut-up or split of grantor's land, or if the legal description of the land conveyed in the deed is different from the legal description shown in the prior deed to the grantor.
If the survey plat and legal description satisfy those standards, the county auditor shall accept the deed for transfer.
This section applies only if the requirements of this section are included in the standards governing conveyances of real property in the county adopted under Section 319.203 O.R.C.
The amendment to Section 5301.252 O.R.C. provides that any person who knowingly makes a false statement in any affidavit provided for in this section (5301.252 O.R.C.) is guilty of falsification under diversion (A)(6) of section 2921.13 of the Revised Code. Falsification is a misdemeanor of the first degree.
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.