Winter 2003 TitleGram Page One

Notice to Managers

The 2002 Legislature passed House Bill 2019 and is effective November 1, 2002. The law will be part of Oklahoma Statutes Title 74, under Section 227.30 and reads as follows:

A purchaser of real property shall have the opportunity to retain possession of the abstract for the property being purchased. The purchaser shall be notified about the option to retain possession at the scheduled closing; however, if a contractual obligation to a mortgage company requires retention of the abstract by that mortgage company, then the purchaser shall have an opportunity to take possession of the abstract upon complete performance of the contractual obligations.

Consider developing your plans now for implementing necessary procedures so that you are in compliance with this law at its effective date. For full information on the act you can find it at www.oscn.net under Oklahoma Session Laws 2002(Search key word Abstract). It should soon appear under the statutes in Title 74.

	2002-2003 OLTA Board of Directors
	OFFICERS: Beverly Jones, President - Jay G. Barry Schmulbach, President-Elect - OKC David Steed, Vice President - OKC Danita Francis, Secretary - Stillwater Carla Hawkins, Treasurer - Norman Gary Goetzinger, Past President - Woodward	DIRECTORS: Dale Astle, KEG Director - Tulsa Todd McCue, Director - Fairview Sue Ann Loggains, Director - Poteau Robin Berg, Director - Cherokee

From Your OLTA Education Committee

by Joy Scheller

Ever wondered what happened to Happy City Savings and Loan? They held a mortgage on the property you are closing but you can't find them at their old location. Well there is help out there!

Among many web sites that are useful to our industry is the Federal Reserve System, National Information Center site where you can find information on financial institutions. The NIC provides comprehensive information on banks and other institutions for which the Federal Reserve has a supervisory, regulatory, or research interest including both domestic and foreign banking organizations operating in the U.S. The NIC includes the organizational structure of financial institutions and financial information for some of those institutions. Historical information is available on the structure of all the institutions. Not only can you find an existing institution, but you can also find information on closed institutions, institution mergers, name changes, etc. While this may not be abstract material, it is helpful to your closers in contacting the proper source for a payoff and release or the release of a previously paid mortgage. (It's been known for an abstractor to put a print out of an institutions merger or name change behind the abstract certificate for a form of evidence for an assignment or release that did not properly identify the executing party as a successor to or name change of -- you can make your own management decision on that matter.)

THE WEB SITE ADDRESS IS:
www.ffiec.gov/nic

Space does not allow us to take you through all the various ways to use this web site, but we invite you to take some time, visit the site and explore to see how it can best be used to your advantage. Click on either INSTITUTION SEARCH or INSTITUTION HISTORY on the blue band towards the top of the page. You may need to search under every possible name you might have information on. Search both the original name and any other name you have in your chain. Here's an example: The bank merged into another bank then that bank changed its name. You can click on each entity to find out more information.

Federal Reserve Web Page

For Other Web Sites For Abstractors, please visit our Resources page.

Have a web site to share?
Send it to Joy Scheller at Warranty Title
Fax: 405.262.7177
or jscheller@wtatitle.com
We plan to issue a comprehensive list in the future.

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Page Three

Notice to Managers

From Your OLTA Education Committee