The ALTA Assignment Endorsement can be used in a commercial real estate title policy. In this article, we provide a template of the ALTA Assignment Endorsement that can be utilized in a title insurance policy.
ASSIGNMENT ENDORSEMENT (ALTA 10-06) (Revised 2/3/2010)
- The name of the Insured at Date of Endorsement and referred to in this endorsement as the “Assignee” is amended to read: _______________.
- The Company insures against loss or damage sustained by the Assignee by reason of:
- The failure of the following assignment to vest title to the Insured Mortgage in the Assignee: _____________________________________;
- Any modification, partial or full reconveyance, release, or discharge of the lien of the Insured Mortgage recorded on or prior to Date of Endorsement in the Public Records other than those shown in the policy or a prior endorsement, except:________________________;
This endorsement does not insure against loss or damage, and the Company will not pay costs, attorneys’ fees, or expenses, by reason of any claim that arises out of the transaction creating the assignment by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws that is based on:
- the assignment being deemed a fraudulent conveyance or fraudulent transfer; or
- the assignment being deemed a preferential transfer.
This endorsement shall be effective provided that, at Date of Endorsement, (1) the note or notes secured by the lien of the Insured Mortgage have been properly endorsed and delivered to the Assignee, or (2) if the note or notes are transferable records, the Assignee has “control” of the single authoritative copy of each “transferable record” as these terms are defined by applicable electronic transactions laws.
This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements.
Contact Commercial Partners Title Company
Underwriting title insurance is a complex process and it’s important to work with a skilled and experienced title company to ensure the success of your transaction. The team at Commercial Partners Title has decades of experience issuing title insurance policies for both lenders and owners. Reach out to Commercial Partners Title Company today to learn about the full extent of our services and how we can help you with your next commercial transaction. You can find us at our primary office located in downtown Minneapolis.