Bulletin: WY2020001

Date:
July 29, 2021
To:
All Wyoming Issuing Offices
RE:
LEGISLATIVE UPDATE - Wyoming Legislative Update 2021

Dear Associates:

The following are summaries of some Bills passed during the 2021 Wyoming legislative session which are of interest to the title insurance industry. All Bills became effective as of July 1, 2021, unless otherwise noted.

HB0064 – Modifications to Uniform Fraudulent Transfers Act: This bill shortens the time period in which a creditor can file suit to overturn a fraudulent transfer of property. The bill also establishes certain notice procedures which apply when property is transferred to a spendthrift or irrevocable trust.

HB0091 – Removal of Unenforceable Property Covenants: This bill creates a process that allows for the removal of illegal or unenforceable property covenants. It applies to property covenants which are deemed unenforceable by the United States or Wyoming Supreme Court or which are otherwise in violation of fair housing laws. 

SF0029 – Revised Uniform Law on Notarial Acts: This bill adopts the Wyoming Revised Law on Notarial Acts. Among other provisions, this bill allows for Remote Online Notarization (“RON”) and Remote Ink Notarization (“RIN”) in Wyoming. Stewart’s underwriting guidelines regarding RON and RIN will be more thoroughly addressed in a separate Bulletin. 

SF0038 – Decentralized Autonomous Organizations: This bill revises the Wyoming Limited Liability Company Act to allow the creation of a certain kind of LLC known as a Decentralized Autonomous Organization (“DAO”). A DAO differs from a traditional LLC in that it may be managed, in whole or in part, via algorithms and smart contracts executed by computers. 

SF0066 – Slayer Rule Amendments: This bill updates Wyoming’s Slayer Rule statute to prohibit anyone who feloniously kills another person from receiving property from the deceased person by way of joint tenancy or any other form of co-ownership. The bill also prevents the guilty party from serving as personal representative or any other fiduciary role on behalf of the decedent. 

SF0088 – Ownership of Fossils and Artifacts: This bill clarifies that the term “minerals” when used in any instrument does not include fossils, artifacts or non-fossilized animal remains. The bill further specifies that any fossil, artifact, or non-fossilized animal remains found in the strata below the surface of the land belong to the owner of the surface estate rather than the owner of the mineral estate.

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:
SLS2020003 UNDERWRITING - Remote Online Notarization
 
SLS2020004 UNDERWRITING - Remote Online Notarization
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None