FNTIC ALTA Policy Comparisons

ALTA LOAN 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 07-14-2021 ALTA LOAN POLICY COMPARISON CHART Page | 5 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS (a) resulting from the avoidance in whole or in part, or from a court order providing an alternative remedy, of any transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction creating the lien of the Insured Mortgage because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws; or (a). resulting from the avoidance, in whole or in part, or from a court order providing an alternative remedy, of any transfer of all or any part of the titleTitle to the Land or any interest in the Land occurring prior to the transaction creating the lien of the Insured Mortgage because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws; or: UPDATED COVERAGE. i. fraudulent conveyance, fraudulent transfer, or preferential transfer under federal bankruptcy, state insolvency, or similar state or federal creditors’ rights law; or SAME. ii. voidable transfer under the Uniform Voidable Transactions Act; or UPDATED COVERAGE. In 2014, the National Conference of Commissioners changed the Uniform Fraudulent Transfer Act to the Uniform Voidable Transactions Act and substituted “voidable transaction” for “fraudulent transfer.” The 2021 ALTA policies provide coverage pertaining to this updated Act. (b) because the Insured Mortgage constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar creditors’ rights laws by reason of the failure of its recording in the Public Records (b). because the Insured Mortgage constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar state or federal creditors’ rights lawslaw by reason of the failure of its recording in the Public Records: SAME. (i) to be timely, or (i). to be timely record the Insured Mortgage in the Public Records after execution and delivery of the Insured Mortgage to the Insured;, or SIMILAR. The 2021 ALTA policies clarify the commonly understood meaning of “failure of its recording … to be timely”. (ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. (ii). of the recording of the Insured Mortgage in the Public Records to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. SIMILAR. 14. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 13 that has been created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the Insured Mortgage in the Public Records. 14. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 13 that has been created or attached or has been filed or recorded in the Public Records subsequent to the Date of Policy and prior to the recording of the Insured Mortgage in the Public Records. SAME. DEFENSE OF COVERED CLAIMS SAME. This is a new heading, but the coverage remains the same. The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the extent provided in the Conditions. The Company will also pay the costs, attorneys’ fees, and expenses incurred in defense of any matter insured against by this Policypolicy, but only to the extent provided in the Conditions. SAME. [ Witness clause optional] [ Witness clause optional ] SAME. BLANK TITLE INSURANCE COMPANY BY: PRESIDENT BY: SECRETARY BLANK TITLE INSURANCE COMPANY ByBY: _______________________________ [Authorized Signatory]PRESIDENT ByBY: _______________________________ [Authorized Signatory]SECRETARY SAME. EXCLUSIONS FROM COVERAGE EXCLUSIONS FROM COVERAGE SAME. The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of: The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys’ fees, or expenses that arise by reason of: SAME. 1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to 1. (a). aAny law, ordinance, permit, or governmental regulation (including those relating to building and zoning) that restrictsing, regulatesing, prohibitsing, or relatesing to: SAME. (i) the occupancy, use, or enjoyment of the Land; (i). the occupancy, use, or enjoyment of the Land; SAME.