- October 21, 2019
- All Virginia Issuing Offices
- UNDERWRITING - UCC Filings Circuit Court of City of Charlottesville, Virginia
It has come to our attention that title examiners are having difficulty accessing certain UCC land records in the Circuit Court for the City of Charlottesville, Virginia. From what we understand there is a vendor issue in which financing statements are not properly viewed and shown during a standard record search, via online or an actual search in the Clerk’s office.
We understand that a standard search in a specific name or a limited search of only financing statements for a specific named individual or entity will not pull all recorded financing statements. We are advised that the only way to find all the filed UCC 1’s is to search for financing statements during a specific time period and to view every filing in that date range. (Enter a date range under “search UCC only” and scroll through every UCC filed within that range.)
Therefore, you must take exception for “Potential lien of financing statements" when insuring transactions in the City of Charlottesville, Virginia unless your title examiner specifically confirms that a full UCC-1 search has been performed.
This title exception can be deleted if you obtain either:
Title examiner confirmation that they have viewed ALL UCC filings for the previous five years as described above and found no UCC-1’s that affect the subject property; or
An affidavit and indemnity agreement by the borrower/title holder stating that no financing statement(s) have been filed against the subject property to be insured which would constitute a lien against same and indemnifying Stewart Title Guaranty Company against loss or damage should a related claim be made. Indemnity form attached for use.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
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