WY Underwriting Summary - Revision history

Ambersowell: /* Power of Attorney */

2021-06-28T20:17:17Z

‎Power of Attorney

Ambersowell: /* UPL */

2021-06-28T15:17:47Z

‎UPL

Craigtrummel: /* Probate */

2021-06-09T21:06:42Z

‎Probate

Ambersowell: /* Probate */

2021-06-09T19:47:00Z

‎Probate

Ambersowell: /* Vesting */

2021-06-09T16:43:48Z

‎Vesting

Ambersowell: /* Vesting */

2021-06-09T16:42:00Z

‎Vesting

Ambersowell at 16:33, 9 June 2021

2021-06-09T16:33:42Z

Ambersowell: /* Time Limitations */

2021-06-09T13:12:05Z

‎Time Limitations

Ambersowell: /* Time Limitations */

2021-06-09T13:10:31Z

‎Time Limitations

Ambersowell: /* Odd Stuff */

2021-06-03T22:30:01Z

‎Odd Stuff

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 ==Power of Attorney==
 *Adopted the Uniform Power of Attorney Act, effective January 1, 2018
-* POA presumed durable unless otherwise stated if executed after January 1, 2018. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/ Wy. Stat §3-9-101 - 123]
+*POA presumed durable unless otherwise stated if executed after January 1, 2018. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/ Wy. Stat §3-9-101 - 123]
 **If the POA was executed in WY before January 1, 2018, it is valid if its execution complied with the law of this state as it existed at the time of execution. [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/section-3-9-106/ Wy. Stat §3-9-106.]
 *POA signature presumed genuine if acknowledged [https://law.justia.com/codes/wyoming/2019/title-3/chapter-9/article-1/section-3-9-105/ Wy. Stat §3-9-105.]

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 **May prepare other documents at the request of a WY Lawyer
 *Summary distinguishing UPL conduct in WY: [https://casetext.com/rule/wyoming-court-rules/wyoming-rules-governing-the-state-bar-attorney-conduct-and-eligibility-to-practice-law/rules-governing-the-wyoming-state-bar-and-the-authorized-practice-of-law/rule-7-authorization-to-practice-law Wyo. R. State Bar, Att’y Cond. & Prac. 7.]
-**“Practice law” does not include title insurance companies and their licensed agents preparing documents if (a) the transaction is arising out of the lawful course of business for the title insurance company issuing title insurance (b) in closing a real estate sale, title agents can only prepare closing statements which do not affect judgement liens (c) documents should be on standardized forms prepared by a licensed WY Lawyer. (d) no advice should be given regarding the document or party obligations.
+**“Practice law” does not include title insurance companies and their licensed agents preparing documents if (a) the transaction is arising out of the lawful course of business for the title insurance company issuing title insurance (b) in closing a real estate sale, title agents can only prepare closing statements which do not affect judgment liens (c) documents should be on standardized forms prepared by a licensed WY Lawyer. (d) no advice should be given regarding the document or party obligations.
 **Title insurance companies in WY and their agents may prepare other documents at the request if a WY lawyer if WY lawyer takes personal responsibility.

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 ==Probate==
 *Wyoming does not have a separate estate or inheritance or gift tax.
-*If the property is held Tenancy by the entirety or JTWROS and one dies, Wyoming expects the survivor to record an Affidavit of Survivorship ([https://law.justia.com/codes/wyoming/2019/title-2/chapter-9/article-1/section-2-9-102/ Wy. Stat. §2-9-102]) in the county records.
+*If the property is held Tenancy by the entirety or as Joint Tenants (with or without  "with right of survivorship") upon the first death, Wyoming expects the survivor to record an Affidavit of Survivorship ([https://law.justia.com/codes/wyoming/2019/title-2/chapter-9/article-1/section-2-9-102/ Wy. Stat. §2-9-102]) in the county records.
 *Ancillary Administration procedure is required when a nonresident's estate has property in Wyoming valued not exceeding two hundred thousand dollars ($200,000.00) [https://law.justia.com/codes/wyoming/2019/title-2/chapter-11/article-2/section-2-11-201/ Wy. Stat. §2-11-201]
 **For nonresident estates valued at 200k or more, full administration proceedings take place. [https://scholarship.law.uwyo.edu/cgi/viewcontent.cgi?article=1402&context=wlr (See Law Review Secondary source pg. 387.)]

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 *If the property is held Tenancy by the entirety or JTWROS and one dies, Wyoming expects the survivor to record an Affidavit of Survivorship ([https://law.justia.com/codes/wyoming/2019/title-2/chapter-9/article-1/section-2-9-102/ Wy. Stat. §2-9-102]) in the county records.
 *Ancillary Administration procedure is required when a nonresident's estate has property in Wyoming valued not exceeding two hundred thousand dollars ($200,000.00) [https://law.justia.com/codes/wyoming/2019/title-2/chapter-11/article-2/section-2-11-201/ Wy. Stat. §2-11-201]
 *Intestate succession statute [https://law.justia.com/codes/wyoming/2019/title-2/chapter-4/article-1/ Wy. Stat. §2.4.101-108.]
 *Affidavits of heirship will be considered with underwriting approval.

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 ==Vesting==
 *Wyoming recognizes tenancy in common, joint tenancy, and tenancy by entirety. Tenancy by entirety assumed if married couple absent statement to the contrary or of a different tenancy. A tenancy by entirety is automatically created when ownership is granted to two or more persons unless joint tenants with right of survivorship is expressly created.
-*Joint Tenancy has a presumption against it. Without the express provision for a joint tenancy, a tenancy in common is presumed. [https://www.casemine.com/judgement/us/59149375add7b049345aa918 Choman v. Epperley, 592 P. 2d 714, 718 (Wyo. 1979).]
+*Joint tenancy has a presumption against it. Without the express provision for a joint tenancy, a tenancy in common is presumed. [https://www.casemine.com/judgement/us/59149375add7b049345aa918 Choman v. Epperley, 592 P. 2d 714, 718 (Wyo. 1979).]
-*Joint tennancy may be established by the owner thereof, by designating in the instrument of conveyance or transfer, the names of such joint tenants or tenants by the entirety, includin
+*Joint tenancy may be established by the owner by designating in the instrument of conveyance or transfer, the names of such joint tenants including his own, without the necessity of any transfer or conveyance to or through a third person.
 *Judgment lien attaches:
 **For judgments before 1999, the first day of the term at which judgment is rendered.

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 *Mortgages
 **Every mortgage of real estate, containing a power of sale upon default, may be foreclosed by advertisement within ten (10) years after the maturing of such mortgage or the debt secured thereby, or after the recording in the cases and manner below:
-** For mortgages executed after May 21, 1945, 10 years starts from date of the mortgage unless specified clearly in mortgage provisions.
+** For mortgages executed after May 21, 1945, 10 years starts from date of the mortgage unless the maturity of obligation is specified clearly in mortgage provisions.
 ** For mortgages executed before May 21, 1945, 10 years starts at the latest of the following options:
 ***The tenth anniversary of the maturity of the debt or obligation secured by such mortgage if stated in the mortgage;

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 *Financing Statements effective for 10 years (5 years if before July 1, 2013). [https://law.justia.com/codes/wyoming/2019/title-34-1/article-9/part-5/subpart-1/section-34-1-9-515/ Wy. Stat. § 34.1-9-515.]
 *Mortgages
-**Every mortgage of real estate, containing a power of sale upon default, may be foreclosed by advertisement within ten (10) years after the maturing of such mortgage or the debt secured thereby, or after the recording [https://law.justia.com/codes/wyoming/2019/title-34/chapter-4/section-34-4-102/ Wy. Stat. § 34.4.102].
+**Every mortgage of real estate, containing a power of sale upon default, may be foreclosed by advertisement within ten (10) years after the maturing of such mortgage or the debt secured thereby, or after the recording in the cases and manner below:
 ==Odd Stuff==

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 *A title insurer or title agent may reconvey a trust deed or release a mortgage regardless of whether the title insurer or title agent is named as a trustee. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wyo. Stat. § 34-1-146.]
 **Preconditions:
 **Thirty (30) day writing period before recording a reconveyance or release and after mailing notice of intent. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wyo. Stat. § 34-1-146.] Cannot reconvey if beneficiary sends a notice within that 30 days that the obligation has not been paid in full or the beneficiary objects. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-147/ Wy. Stat. § 34-1-147.]
 **Notice of intent to release or reconvey shall contain the name of the beneficiary or mortgagee and the servicer (if applicable), the name of the title insurer or title agent, the date and be substantially like the form in this statute. [https://law.justia.com/codes/wyoming/2019/title-34/chapter-1/article-1/section-34-1-146/ Wy. Stat § 34-1-146.]
 ==Probate==