Bulletin: VA2019002

Date:
October 21, 2019
To:
All Virginia Issuing Offices
RE:
UNDERWRITING - UCC Filings Circuit Court of City of Charlottesville, Virginia

Dear Associates:

It has come to our attention that title examiners are having difficulty accessing certain UCC land records in the Circuit Court for the City of Charlottesville, Virginia. From what we understand there is a vendor issue in which financing statements are not properly viewed and shown during a standard record search, via online or an actual search in the Clerk’s office.

We understand that a standard search in a specific name or a limited search of only financing statements for a specific named individual or entity will not pull all recorded financing statements. We are advised that the only way to find all the filed UCC 1’s is to search for financing statements during a specific time period and to view every filing in that date range. (Enter a date range under “search UCC only” and scroll through every UCC filed within that range.) 

Therefore, you must take exception for “Potential lien of financing statements" when insuring transactions in the City of Charlottesville, Virginia unless your title examiner specifically confirms that a full UCC-1 search has been performed. 

This title exception can be deleted if you obtain either:

Title examiner confirmation that they have viewed ALL UCC filings for the previous five years as described above and found no UCC-1’s that affect the subject property; or

An affidavit and indemnity agreement by the borrower/title holder stating that no financing statement(s) have been filed against the subject property to be insured which would constitute a lien against same and indemnifying Stewart Title Guaranty Company against loss or damage should a related claim be made. Indemnity form attached for use.  

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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:
None