NJRB 5-48 Assignment of Mortgage - Policy Update (Revised 6/30/11)

ENDORSEMENT

MORTGAGE ASSIGNMENT - POLICY UPDATE

Attached to Policy No. _____

Issued by

STEWART TITLE GUARANTY COMPANY

1.  The effective date of the captioned policy is changed to: _____ [date of recording of assignment]

2.  The name of the Insured at the date set forth in Paragraph 1 above and referred to in this endorsement as the “Assignee” is amended to read: _______________.

3.  Schedule A, No. 4 of the captioned policy is amended to add:

Which mortgage was assigned to _______ by Assignment of Mortgage dated _____ recorded _____ in the Clerk=s/Register=s Office of ________ County in Book _____ page _____ &c.

4.  The following exceptions are added to Schedule B of the captioned policy:

This endorsement does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses, by reason of any claim that arises out of the transaction creating the assignment by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws that is based on:

1.       the assignment being deemed a fraudulent conveyance or fraudulent transfer; or

2.       the assignment being deemed a preferential transfer.

This endorsement shall be effective provided that, at Date of Endorsement, (1) the note or notes secured by the lien of the insured Mortgage have been properly endorsed and delivered to the Assignee, or (2) if the note or notes are transferable records, the Assignee has “control” of the single authoritative copy of each “transferrable record” as these terms are defined by applicable electronic transactions laws.

This Endorsement is made a part of the commitment or policy.  It is subject to all the terms of the commitment and policy and prior endorsements.  Except as expressly stated on this endorsement, the terms, dates, and amount of the commitment or policy and prior endorsements are not changed.

STEWART TITLE GUARANTY COMPANY

BY: __________________________________

Authorized Signatory

No guidelines are available for this form at this time.