UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 3)
INVESTORS TITLE COMPANY
(Name of Issuer)
Common Stock, No Par Value
(Title of Class of Securities)
461804 10 6
(CUSIP Number)
Check the following box if a fee is being paid with this
statement ____. (A fee is not required only if the filing
person: (1) has a previous statement on file reporting beneficial
ownership of more than five percent of the class of securities
described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
CUSIP No. 461804 10 6 SCHEDULE 13G/A No. 3
1) Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
J. Allen Fine
###-##-####
2) Check the Appropriate Box if a Member of a Group
(a)
(b)
3) SEC Use Only
4) Citizenship or Place of Organization
United States of America
Number of Shares Beneficially Owned by Each Reporting Person With
5) Sole Voting Power
221,606 shares
6) Shared Voting Power
- 0 -
7) Sole Dispositive Power
221,606 shares
8) Shared Dispositive Power
- 0 -
9) Aggregate Amount Beneficially Owned by Each Reporting
Person
221,606 shares
10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares
11) Percent of Class Represented by Amount in Row 9
7.9 percent
12) Type of Reporting Person
IN
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Item 1(a). Name of Issuer:
Investors Title Company
(b). Address of Issuer's Principal Executive Offices:
121 North Columbia Street
Chapel Hill, North Carolina 27514
Item 2(a). Name of Person Filing:
J. Allen Fine
(b). Address of Principal Business Office, or, if none,
Residence:
121 North Columbia Street
Chapel Hill, North Carolina 27514
(c). Citizenship:
United States
(d). Title of Class of Securities:
Common Stock, no par value
(e). CUSIP Number:
461804 10 6
Item 3. Type of Filing:
Not Applicable.
Item 4. Ownership (at December 31, 1997):
(a) Amount Beneficially Owned:
220,629 shares owned directly.
(b) Percent of Class:
7.9%
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(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
220,629 Shares
(ii) shared power to vote or to direct the vote
- 0 - Shares
(iii) sole power to dispose or to direct the
disposition of
220,629 Shares
(iv) shared power to dispose or to direct the
disposition of
- 0 - shares
Item 5. Ownership of Five Percent or Less of a Class:
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of
Another Person:
Not applicable.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by the
Parent Holding Company:
Not applicable.
Item 8. Identification and Classification of Members of the
Group:
Not applicable.
Item 9. Notice of Dissolution of Group:
Not applicable.
Item 10. Certification:
Not applicable.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement, is true, complete and correct.
/s/ J. Allen Fine
-----------------
J. Allen Fine
Date: February 9, 1998
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