NY TIRSA Limited Liability Company and Limited Liability Partnership Endorsement Guideline 1995
Explanation:Purpose Of Endorsement:
The purpose of this endorsement is to afford the insured an opportunity to convert its form or organization to an LLC or LLP, without losing the benefit of existing title insurance coverage.
There is no update to the policy, and the coverage afforded does not pass on the validity, sufficiency and form of the transfer or the organization of the successor entity.
Underwriting Requirements:Requirements For Issuance:
(a) A written statement from the Limited Liability Company (LLC) or Limited Liability Partnership (LLP), that it is the successor in interest to the prior named insured;
(b) Proof must be provided, acceptable to the Company, that the composition of the successor LLC or LLP is identical to the composition of the predecessor partnership, limited partnership or corporation;
(c) No search need be run.
Issued With The Following Policies:
Supplemental to an existing owner’s policy only.
The underwriting guidelines contained herein have been provided for general reference. The facts, circumstances, and location of the subject property should be considered when determining the issuance of the requested form or endorsement. Please note that all of the forms and endorsements included in this system may not be available in all states. Accordingly, please contact the appropriate Stewart Title Guaranty Company underwriting personnel in order to determine availability.
Compliance with the underwriting guidelines contained herein in no way obligates Stewart Title Guaranty Company to issue any form or endorsement.
This guideline applies to the following form(s):None