Title insurance needed in portfolio acquisitions; the failure to order a new policy or update an existing policy may result in post-closing surprises
Article Abstract:
Financial institutions acquiring portfolios of mortgage assets should not forget to obtain new title insurance policies, since succeeding to the seller's title insurance policies entails the risk of being assumed to have the seller's knowledge about any defects. Title insurance policies also insure just against defects existing on the effective date of the policy, so successors would have no coverage against new defects. Purchasers of loan portfolios from a partnership might also run the risk of succeeding to the interest of an uninsured party.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
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Under the IRS' proposed 'check the box' regulations, conversion of an existing corporation or partnership to a limited liability company would be simplified
Article Abstract:
Proposed Internal Revenue Service regulation changes will make the limited liability corporation even more attractive than it now is compared to most alternative nonpublicly owned business structures. The new rules would simplify the drafting and structuring of LLCs that want to be taxed as partnerships. It would still be relatively expensive in taxes, though, to convert an existing business into an LLC. General and limited partnerships use a straightforward conversion process and gain several advantages as LLCs.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1996
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How title insurance differs from all other forms; it varies from other policies in regard to date of named perils, term of policy and premiums
Article Abstract:
Title insurance, which provides indemnification against certain named perils and the insured's costs of defense, differs from other lines of insurance in ways related to policies and premiums and specifically the indemnification date. Other insurance policies insure against the effects of named perils that may happen in the future, but title policies specifically exclude defects arising after the date of the policy. Other ways title insurance differs from other policies are listed.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
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