Uniform Commercial Code
Underwriting Manuals
Standard Exceptions
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Table of Contents
UCC
Uniform Commercial Code
Fixtures are part of the real estate. Therefore, a lien (such as a UCC) against a fixture must generally be excepted when insuring title to the land.
Exceptions
UCCX01
ALTA
10/19/2011
V
2
Financing Statement
Financing Statement executed by ____________ to ____________ recorded ____________.
Comment: You should use this language when excepting to a UCC.
Comment: You should use this language when excepting to a UCC.
See Underwriting Manual
UCCX02
ALTA
10/19/2011
V
2
Continuation
Continuation Statement recorded ____________ pursuant to that Financing Statement recorded ______________.
Comment: A continuation statement extends a UCC an additional 5 years.
Comment: A continuation statement extends a UCC an additional 5 years.
See Underwriting Manual
UCCX03
ALTA
10/19/2011
V
2
Assignment
Statement of Assignment to __________________ recorded ____________ of that Financing Statement recorded.
Comment: You should use this language in excepting to a UCC assignment.
Comment: You should use this language in excepting to a UCC assignment.
See Underwriting Manual
UCCX04
ALTA
10/19/2011
V
2
Except to Fixtures in UCC
Rights of others in and to fixtures described in that financing statement recorded _____________________.
Comment: If a lessee executed a UCC and the new insured lender on the fee objects to the UCC exception, the Company prefers to carve out the itemized fixtures covered by the UCC.
Comment: If a lessee executed a UCC and the new insured lender on the fee objects to the UCC exception, the Company prefers to carve out the itemized fixtures covered by the UCC.