Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Title Insurance: How to Obtain More Bang for Your Buck
Aside from Russian billionaires who spend tens of millions of dollars for ridiculously expensive Manhattan apartments, the rest of us learned the same lesson from the Great Recession as did our grandparents from the Great Depression: Money is tight. As consumers, we now want more bang or greater value for our dollars. The marketplace, aside from cellular companies and the airlines, now offers us seemingly more for less. Witness the television ads for chain restaurants that purport to offer more food and more choices for less money. We real estate attorneys are no less demanding; we want greater value, even from our staid title policies. Here is how title underwriters are in tune with your wishes.
Background
In title underwriter parlance, New York is a promulgated form state. That means that title underwriters and their agents can only issue title policy forms that, upon the application of the underwriters through the Title Insurance Rate Service Association (“TIRSA”), have been approved by the State's Department of Financial Services (“DFS”) or its predecessor, the Department of Insurance. Every policy issued in New York, whether for a billion-dollar commercial development on the West Side of Manhattan or a house in Jefferson County, must use the exact text found in a state-approved form. There are different forms of policies. For example, DFS has approved a form that can only be issued to the United States or its departments (the United States policy, so aptly named) or the TIRSA Owner's Extended Protection Policy (the “TOEPP”) that can be issued only to natural persons purchasing residential property. Aside from these two exceptions, the text within the owners'/fee policy is exactly the same as all other policies issued to purchasers, and the text of all mortgagee/loan policies is the same as that of all other policies issued to lenders.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?