Hi Nolene,
These documents' value for retention purposes vary considerably depending on
whether yours is a pass through organization and you have marginal
responsibilities for them, or not, and in addition, the requirements
associated with them vary by state, and presumably by industry if separate
regulations apply there. You will want to first go to your state statutes
to determine how escrow is defined by your state and who has what
responsibilities. If these pertain to many states, you will need to develop
a decision making grid based on state statutes.
Just my 2 cents, and good luck!
A.S.Elizabeth Fairfax, MA, CA
Island County Records and Information Management Program
e-mail: [log in to unmask]
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-----Original Message-----
From: Records Management Program [mailto:[log in to unmask]] On Behalf
Of Nolene Sherman
Sent: Thursday, September 24, 2009 8:29 PM
To: [log in to unmask]
Subject: [RM] Title & Escrow Retention
OK I'll admit right up front, I'm trying to take a bit of a shortcut
here. I will be developing a full retention schedule, including all
necessary research, but I was hoping to get some guidance on three
series that comprise a huge volume of our records: Title Policies,
Title Policy Claims, and Escrow documents.
Our in-house attorneys believe that most of our offices have a decent
idea of how long to keep them and are OK with letting them continue as
is until I can get around to developing the official schedule.
However, we are moving and consolidating storage vendors and as I'm
reviewing the inventories, I'm not seeing very much consistency --
even within the same state. We have thousands of these files going
back to the early 1990's. I hate to move them if they can be destroyed
now or in the near future. Does anyone have any guidance on how long
they keep these types of files? I know the Department of Insurance
would be one agency that may have applicable regulations ... what
other agencies or laws should I look at?
Nolene Sherman
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Tracking where records are kept is what Tiggers and Records Managers
do best!
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