BNK

Banks

If Resolution Trust Corporation or Federal Deposit Insurance Corporation is appointed receiver of a financial institution, the receiver may transfer assets to another financial institution by acquisition or purchase and assumption agreement. If the transfer is not evidenced by deed or (where applicable) mortgage assignment, the Company requires either a specific deed or assignment, or recordable copy of the acquisition or purchase and assumption agreement to evidence the transfer. Intervening liens against the failed financial institution should be excepted or released.

Requirement

BNKR01 STG

Banks and Savings and Loans - Transfer to New I

The Company requires for its review and recordation a copy in recordable form of the document transferring the title to the land or mortgage of _______________ from _______________ to ________________. The company may then make additional requirements or exceptions.
Comment: If Resolution Trust Corporation or Federal Deposit Insurance Corporation is appointed receiver of a financial institution, the receiver may transfer assets to another financial institution by acquisition or purchase and assumption agreement. If the transfer is not evidenced by deed or (where applicable) mortgage assignment, the Company requires either a specific deed or assignment, or recordable copy of the acquisition or purchase and assumption agreement to evidence the transfer. Intervening liens against the failed financial institution should be excepted or released.

See Underwriting Manual