Bulletin: MU2011002

Date:
March 23, 2011
To:
All Issuing Offices except Delaware, Louisiana, New Mexico, New York, Oregon, Pennsylvania and Texas
RE:
New, Revised, or Withdrawn ALTA Forms (02-03-11)
Dear Associates:

The American Land Title Association (ALTA) has recently adopted, revised, or withdrawn the forms listed below. The ALTA will be reviewing, and possibly revising, these forms in the coming week. The finalized versions of these forms will be available on Virtual Underwriter and/or from Brenda Sarah by the end of the month.

ALTA Endorsement 9-06 (Restrictions, Encroachments, Minerals - Loan Policy) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 9-06 and clarifies coverage relating to covenants, conditions, or restrictions as well as the right of first refusal and other matters.

ALTA Endorsement 9.1-06 (Restrictions, Encroachments, Minerals - Unimproved Land; Owner's) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 9.1-06 and clarifies coverage relating to covenants, conditions, or restrictions as well as the right of first refusal, and other matters.

ALTA Endorsement 9.2-06 (Restrictions, Encroachments, Minerals - Owner's Policy - Improved Land) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 9.2-06 and clarifies coverage relating to covenants, conditions, or restrictions as well as the right of first refusal, and other matters.

ALTA Endorsement 9.3-06 (Restrictions, Encroachments, Minerals - Loan Policy) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 9.3-06 and clarifies coverage relating to covenants, conditions, or restrictions as well as the right of first refusal, and other matters.

ALTA Endorsement 9.4-06 (Restrictions, Encroachments, Minerals - Owner's Policy - Unimproved Land) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 9.4-06 and clarifies coverage relating to covenants, conditions, or restrictions as well as the right of first refusal, and other matters.

ALTA Endorsement 9.5-06 (Restrictions, Encroachments, Minerals - Owner's Policy - Improved Land) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 9.5-6 and clarifies coverage relating to covenants, conditions, or restrictions as well as the right of first refusal, and other matters.

ALTA Endorsement 13-06 (Leasehold-Owner's) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 13-06 and makes non-substantive changes to clarify coverage.

ALTA Endorsement 13.1-06 (Leasehold-Loan) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 13.1-06 and makes non-substantive changes to clarify coverage.

ALTA Endorsement 14-06 (Future Advance - Priority) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 14-06 and makes non-substantive changes to clarify coverage.

ALTA Endorsement 14.1-06 (Future Advance - Knowledge) Revised 2-3-11. This endorsement modifies the prior ALTA Endorsement 14.1-06 and makes non-substantive changes to clarify coverage.

ALTA Endorsement 14.2-06 (Future Advance - Letter of Credit) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 14.2-06 and makes non-substantive changes to clarify coverage.

ALTA Endorsement 14.3-06 (Future Advance - Reverse Mortgage) Revised 02-03-11. This endorsement modifies the prior ALTA Endorsement 14.3-06 and makes non-substantive changes to clarify coverage.

ALTA Endorsement 31-06 (Severable Improvements) Adopted 02-03-11. This new endorsement insures against covered loss with respect to property affixed to the land that does not constitute real property. This endorsement applies to commercial properties and insures not only specified loss resulting in the reduction in value of the insured's interest in any Severable Improvement, but also stated cost actually incurred in connection with the removal of any Severable Improvement.

ALTA Endorsement 32-06 (Construction Loan - Loss of Priority) Adopted 02-03-11. This new endorsement provides stated insurance with respect to the validity or priority of the lien of the Insured Mortgage as security for each Construction Loan Advance made on or before the Date of Coverage.

ALTA Endorsement 32.1-06 (Construction Loan - Loss of Priority - Direct Payment) Adopted 02-03-11. This new endorsement provides stated insurance with respect to the validity or priority of the lien of the Insured Mortgage as security for each Construction Loan Advance made on or before the Date of Coverage.

ALTA Endorsement 33-06 (Disbursement) Adopted 02-03-11. This new endorsement provides for a change to the Date of Coverage, but not the Date of Policy. This endorsement does not serve to change the dates on any endorsements and/or extended coverage.

Decertified Forms: Each of the following forms was decertified (withdrawn) as an ALTA form effective 2/03/11:

ALTA Construction Loan Policy 10-17-92

ALTA Construction Loan Endorsements A, B, C, & D 06-01-87

ALTA Master Residential Loan Schedules A & B 10-21-00

ALTA Residential Loan Certificate 10-21-00

Technical Correction: A technical correction was made to ALTA Endorsement 29.1-06 (Interest Rate Swap Endorsement - Additional Interest) (02/03/10).

We are in the process of filing these forms where filing is required. You may continue to issue the prior versions where available.
If you have questions related to this bulletin, please contact Stewart Legal Services or your local underwriting personnel.

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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.