LA ALTA Endorsement 10.1 (Assignment and Date Down)
Explanation:This endorsement is to be issued for a mortgagee's policy in connection with an assignment of mortgage. It insures the validity of assignment, that no full or partial release has been recorded in the public records, that taxes and assessments are not due and payable, that the lien of the insured mortgage continues to have priority as insured in the policy, and that no notices of federal tax liens or pending bankruptcy proceedings affecting the title have been recorded.
The underwriting requirements are as follows:
- The name of the transferee should be inserted in paragraph 1 of the endorsement.
- The assignment must be described in paragraph 2(a).
- Title must be examined to determine the existence of any full or partial
release, reconveyance, or discharge of the insured mortgage, or any modification
thereof. Any such matter must be shown in paragraph 2(e) of the endorsement.
- You must determine that there are no inconsistent assignments of record.
The record must reflect an assignment from the record holder or beneficiary
of the mortgage.
- The assignment of the insured mortgage must be recorded.
- A tax and assessment search must be made. Any outstanding taxes or assessments
that are due and payable must be excepted in paragraphs 2(b) and 2(c).
- Any defects, liens, or encumbrances disclosed by the search that may have
priority over the insured mortgage must be excepted in paragraph 2(c).
- Any notices of federal tax liens or notices of bankruptcy against the owner disclosed by the public records must be excepted in paragraph 2(d). The notice of bankruptcy also must be excepted in paragraph 2(c).
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