commit e90fcc1c56afa009ce12a1e4e6ce9175ded7e221 Author: jeannettenatio Date: Wed Dec 3 13:30:36 2025 +0000 Add 'Basic Manual Of Title Insurance, Section III' diff --git a/Basic-Manual-Of-Title-Insurance%2C-Section-III.md b/Basic-Manual-Of-Title-Insurance%2C-Section-III.md new file mode 100644 index 0000000..8a5bb07 --- /dev/null +++ b/Basic-Manual-Of-Title-Insurance%2C-Section-III.md @@ -0,0 +1,7 @@ +
Effective November 1, 2024 (Order 2024-8851)
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R-6. Subsequent Issuance of Mortgagee Policy
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1. Subsequent to Owner Policy - When a Mortgagee Policy( ies) is asked for, subsequent to the issuance of an Owner Policy which excepted to the Vendor's Lien, the premium shall be one-half the Basic Rate. The lien to be guaranteed should be as originally created, and excepted to in the Owner Policy, and not an extension or rearrangement thereof. Such Mortgagee Policy( ies) will be released in the amount of the current overdue balance of said indebtedness. The Company shall be furnished such evidence as it may need verifying such unpaid balance, that the insolvency is not in default and that there has actually been no velocity of maturity. THIS RULE MAY NOT BE APPLIED in connection with the issuance of a series of Mortgagee Policies provided by reason of notes being assigned to specific units in connection with a master policy covering the aggregate indebtedness, consisting of improvements. Individual Mortgagee Policies need to be released at the Basic Rates.
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2. Subsequent to Mortgagee Policy - When a Mortgagee Policy( ies) is asked for, for any reason whatsoever, on a lien currently covered by an existing Mortgagee Policy( ies), but not on a renewal or [extension](https://www.naree-siam.properties) thereof, the brand-new policy remaining in the amount of the existing unsettled balance of the indebtedness, the premium for the new policy will be at the Basic Rate, however a credit for three-tenths (3/10) of stated premium may be enabled. +3. Subsequent to Mortgagee Policy - When an insolvent insurer is put in irreversible receivership by a court of qualified jurisdiction and a [Mortgagee](https://slinfradevelopers.com) Policy( ies) is asked for on a lien already covered by an existing Mortgagee Policy( ies) of stated insolvent insurance company, but not on a loan to take up, restore, extend or satisfy an existing lien, the brand-new policy being in the amount of the current unpaid balance of the insolvency, the premium for the new policy shall be at the standard rate, however a credit for half of stated premium will be enabled, unless such credit would decrease the premium to less than the minimum Basic Rate, in which case the rate shall be the minimum Basic Rate. The insured will surrender the existing Mortgagee Policy( ies) to the Company when putting the order for a new Mortgagee Policy( ies). The date of Policy for the new policy( ies) shall be the same Date of Policy as the existing Mortgagee Policy( ies).
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R-7. Mortgagee Policies Covering First and Subordinate Liens Issued Simultaneously
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When a Mortgagee Policy is issued on a First Lien, and other policy( ies) is released on Subordinate Lien( s), developed in the very same transaction, covering the very same land or a portion thereof, the premium for the First Lien policy will be calculated on the overall of the combined liens \ No newline at end of file