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 | 13 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS (h) “Knowledge” or “Known”: Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the Public Records or any other records that impart constructive notice of matters affecting the Title. (h)m. “Knowledge” or “Known”: Actual knowledge, or actual notice, but not constructive knowledge or notice that may be imputed to an Insuredimparted by reason of the Public Records or any other records that impart constructive notice of matters affecting the Title. SIMILAR. There are different views on whether actual knowledge is the same as or includes actual notice, which is expressly included in the definition of “Knowledge” of the 2021 ALTA policies. (i) “Land”: The land described in Schedule A, and affixed improvements that by law constitute real property. The term "Land” does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is insured by this policy. (i)n. “Land”: The land described in Item 5 of Schedule A, and affixed improvements located on that land at the Date of Policy that by State law constitute real property. The term “Land” does not include any property beyond the lines of the areathat described in Schedule A, nor any right, title, interest, estate, or easement in any abutting streets, roads, avenues, alleys, lanes, right-of-ways, body of water, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is insured by this policy. SAME. (j) “Mortgage”: Mortgage, deed of trust, trust deed, or other security instrument, including one evidenced by electronic means authorized by law. (j)o. “Mortgage”: MortgageA mortgage, deed of trust, trust deed, security deed, or other real property security instrument, including one evidenced by electronic means authorized by law. IMPROVED. p. “Obligor”: A person or eEntity that is or becomes a maker, borrower, or guarantor as to all or part of the Indebtedness or other obligation secured by the Insured Mortgage. A Government Mortgage Agency or Instrumentality is not an Obligor. NEW DEFINED TERM. The term “Obligor” is used primarily in Condition 12 of the 2021 ALTA Loan Policy, but Condition 12 of the 2006 and 2021 ALTA Loan Policy remain substantively the same. q. “PACA-PSA Trust”: A trust under the federal Perishable Agricultural Commodities Act or the federal Packers and Stockyards Act or a similar State or federal law. NEW DEFINED TERM. The term “PACA-PSA Trust” is used in Covered Risk 8 and in the Exclusions of the 2021 ALTA policies. (k) “Public Records”: Records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. With respect to Covered Risk 5(d), "Public Records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land is located. (k)r. “Public Records”: RecordsThe recording or filing system established under stateState statutes in effect at the Date of Policy for the purpose of impartingunder which a document must be recorded or filed to impart constructive notice of matters relating to real propertythe Title to purchasersa purchaser for value and without Knowledge. With respect to Covered Risk 5(d), The term “Public Records” shall also does not include any other recording or filing system, including any pertaining to environmental remediation or protection liens filed in the records of, planning, permitting, zoning, licensing, building, health, public safety, or national security mattersthe clerk of the United States District Court for the district where the Land is located. SIMILAR. The 2021 ALTA policies modify the definition of “Public Records” to distinguish those records that are Public Records for purposes of title insurance policies and other governmental records that have not intended to be, and are generally not construed as, within the scope of Public Records for limited purposes in title insurance policies. s. “State”: The state or commonwealth of the United States within whose exterior boundaries the Land is located. The term “State” also includes the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and Guam. NEW DEFINED TERM. (l) “Title”: The estate or interest described in Schedule A. (l)t. “Title”: The estate or interest in the Land described identified in Item 2 of Schedule A. SAME.