Bulletin: CA2011001

Date:
April 13, 2011
To:
All California Issuing Offices
RE:
California Land Title Association Trustee's Sale Guarantee

Dear Associates:

CLTA Guarantee Form No. 22 (the Trustee’s Sale Guarantee), has been revised by the CLTA Forms and Practices Committee, adopted by the Board of Governors, and was filed with the California Department of Insurance on March 11, 2011.  It will be effective 30 days from the date of filing.  A copy is available below.  It is organized differently.  Every part has been changed and most parts identified differently.  It includes all the coverage that was in the 05-27-09 TSG.

The face page has been modified to reference the location of the assurances.

Schedule A has been substantially modified, primarily by adding to "assurances" a number of matters previously found in the information for trustee portion of the guarantee.  It also includes the name of the Assured, the estate or interest in the land subject of the Guarantee, and the legal description.

Schedule B is blank, but this is the section where defects, liens or encumbrances on the title to the estate or interest subject of the TSG should be inserted.

Exclusions From Coverage follow Schedule B and have been modified to add additional exclusions such as any law, ordinance, governmental regulation, certain taxes, mining claims, reservations in patents, and water rights.

Informational Notes follow Exclusions from Coverage and have been substantially modified due to matters being moved to Schedule A and an introductory paragraph regarding no liability being assumed for the Informational Notes.

Finally, the Conditions and Stipulations have been modified to specifically fit the new Guarantee and are also now titled "Trustee's Sales Guarantee Conditions."  The general Guarantee Conditions and Stipulations (09-12-08) are no longer to be used with the TSG.

Use of this new TSG should commence immediately upon the expiration of the 30 day waiting period:  i.e., on and after April 11, 2011.

If you have questions related to this bulletin, please contact your local underwriters that are members of the CLTA Forms and Practices Committee:  Jerry Guerino, Steve Smith and Bob Cavallaro, or Stewart Legal Services.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

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:
CLTA Trustee's Sale Guarantee (03-03-11) 22