FNTIC ALTA Policy Comparisons

ALTA OWNER’S POLICY COMPARISON CHART This comparison chart is intended as a guide to identifying differences between the 2021 and 2006 ALTA policies. It should not be relied upon for the interpretation of these policies. Updated 04-15-2021 ALTA OWNER’S POLICY COMPARISON CHART Page | 8 2006 ALTA OWNER’S POLICY 2021 ALTA OWNER’S POLICY COMPARISON (v. 07-30-2021) COMMENTS (A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; (Ab). successorsthe successor to the Title of thean Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; SAME. (B) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization; (Bc). successorsthe successor to the Title of an Insured byresulting from dissolution, merger, consolidation, distribution, or reorganization; SIMILAR. This additional language in the 2021 ALTA Owner’s Policy does not alter the coverage that was provided in the 2006 ALTA Owner’s Policy, but does clarify that the Insured is a person that holds the Title as a successor. (C) successors to an Insured by its conversion to another kind of Entity; (Cd). successorsthe successor to the Title of an Insured byresulting from its conversion to another kind of Entity; or SIMILAR. This additional language in the 2021 ALTA Owner’s Policy does not alter the coverage that was provided in the 2006 ALTA Owner’s Policy, but does clarify that the Insured is a person that holds the Title as a successor. (D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title (De). athe grantee of an Insured under a deed delivered without payment of actual valuable consideration conveyingor other instrument transferring the Title, if the grantee is: IMPROVED COVERAGE. The 2021 ALTA policies no longer condition the application of the definition of the Insured on a deed to an affiliate “delivered without payment of actual valuable consideration.” (1). an Affiliate; SIMILAR. (1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured, (1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured, SIMILAR. The definition of “Affiliate” in the 2021 ALTA policies incorporates this provision. (2) if the grantee wholly owns the named Insured, (2) if the grantee wholly owns the named Insured, SIMILAR. The definition of “Affiliate” in the 2021 ALTA policies incorporates this provision. (3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly- owned by the same person or Entity, or (3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly- owned by the same person or Entity, or SIMILAR. The definition of “Affiliate” in the 2021 ALTA policies incorporates this provision. (4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule A for estate planning purposes. (42). if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule A for estate planning purposes by an Insured;. SAME. (3). a spouse who receives the Title because of a dissolution of marriage; INCREASED COVERAGE. The 2021 ALTA Owner’s Policy extends to a spouse of the Insured, whether by divorce decree, settlement agreement, or deed in connection with the dissolution of marriage. (4). a transferee by a transfer effective on the death of an Insured as authorized by law; or INCREASED COVERAGE. This definition includes a beneficiary under a Transfer on Death Deed or other transfer that is effective on the death of the Insured. (5). another Insured named in Item 1 of Schedule A. INCREASED COVERAGE. If two or more persons are named as Insureds in Schedule A of the policy, the policy coverage extends to the interest acquired by an Insured from another Insured. This provision may apply if the Insureds are co-tenants or if the Insureds own different interests.