POLICY BULLETIN – Number 2011-7
To: All MERS® System Members
November 8, 2011
On October 20, 2011, the Boards of Directors adopted a revised version of Rule 14 which contains notification provisions that will become effective on February 1, 2012. Under the new Rule, MERS® System Members will have enhanced requirements for notifying MERSCORP, Inc. (“MERSCORP”) of certain types of lawsuits, including some cases where Mortgage Electronic Registration Systems, Inc. (“MERS”) and/or MERSCORP are not a named party to the lawsuit. Notifications should be sent to the email address Rule14@mersinc.org. The attached Rule further defines the Members’ new responsibilities; please provide a copy of this Rule to all departments responsible for complying with it.
A draft revised Rule 14 of the MERS® System Rules of Membership was initially circulated for comment to the membership in May 2011. After receiving, considering, and incorporating extensive comments, the Boards adopted the attached version. Please note that Members will now have to notify MERSCORP of cases where neither MERS nor MERSCORP is a named party, but the cases involve issues related to the companies. See Section 2(a)(ii).
RULE 14 NOTIFICATION TO MERSCORP, INC. OF LAWSUITS AND ADDITIONAL INDEMNIFICATION PROVISIONS
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