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.

Underwriting Requirements:

The underwriting requirements are as follows:

1. The name of the transferee should be inserted in paragraph 1 of the endorsement.
   
   
2. The assignment must be described in paragraph 2(a).
   
   
3. 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.
   
   
4. 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.
   
   
5. The assignment of the insured mortgage must be recorded.
   
   
6. 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).
   
   
7. Any defects, liens, or encumbrances disclosed by the search that may have priority over the insured mortgage must be excepted in paragraph 2(c).
   
   
8. 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).

Charge: $25.