EAGLE 9® UCC Insurance Products
First American's EAGLE 9® UCC Insurance Policies mitigate risk and solve operational process problems
- Risk Management for Factual or Legal Uncertainty
- Title Insurance for Pledged or Acquired Equity
- An Alternative to the Opinion of Borrower's Counsel or to No Opinion
- Multijurisdictional Practice
- May result in Lower Premium Cost in Mixed Collateral Transactions
- Mixed Collateral Transactions - the End to the Fixture Problem
- Outsourcing and UCC Expertise for the Community Bank, Smaller Commercial Lender or for Lower Dollar Valued Transactions
For Lenders - EAGLE 9® UCC Lenders Insurance Policy
Even the simplest UCC search or filing error may impede a lender's ability to foreclose on reliance collateral in order to satisfy debts. First American's EAGLE 9® UCC Lenders Insurance Policy does more than protect lenders and their counsel from risks associated with attachment, perfection and priority under Article 9 of the Uniform Commercial Code -- the EAGLE 9® UCC Lenders Insurance Policy can give a lender the assurance needed to move forward with a transaction and close the deal.
Less Risk, More Confidence
First American's EAGLE 9® UCC Lenders Insurance Policy is the solution.
For Buyers - EAGLE 9®UCC Insurance Policy for Buyers
When purchasing personal property outside of the ordinary course of business, it is imperative to know which liens (if any) follow and are still attached. First American's EAGLE 9® UCC Buyers Insurance Policy answers this critical question by insuring that the acquired assets are free of lien.
Less Risk, More Confidence
First American's EAGLE 9® UCC Insurance Policy for Buyers is the solution.
For Mezzanine Finance/Pledged Equity - The Mezzanine/Pledged Equity Endorsement
Lending against equity presents unique challenges and First American's EAGLE 9® UCC Lenders Insurance Policy coupled with our Mezzanine Endorsement insures true ownership/title insurance coverage for equity interests in entities, such as corporations, limited liability companies and partnerships. This coverage provides an effective risk management tool in transactions such as real estate mezzanine lending transactions. This coverage can be provided whether the equity interests constitute General Intangibles or Investment Property under UCC Article 9. The Mezzanine and Pledged Equity Endorsement are just two of the endorsements offered by the UCC Division.
Less Risk, More Confidence
First American's EAGLE 9® Program of Solutions:
- Broader based policy in order to insure all Article 9 collateral types
- Multitude of Endorsements to insure a variety of Article 9 transactions
- Policy reduces potential for conflict between lender and lender's counsel
- Decreases reliance on or cost of opinion letters
- Documentation preparation and outsourcing
- UCC expertise
- Retroactive Insurance
- GAP coverage
- Tracking and Monitoring of Financing Statements
- Provides an alternative to self-insurance
- Full ownership coverage for pledged or acquired equity
- Policies run to benefit of assignees
- Insures Defense and Indemnification
Specialty Policies:
For UCC Foreclosure - UCC Foreclosure Insurance Notice Policy
The Foreclosure Notice Policy enables the foreclosing creditor under Part 6 of Article 9 to meet certain statutory requirements for a commercially reasonable notice. As part of our underwriting, we search the appropriate Filing Office and advise the Insured of the secured parties and lien holders of record who are to be notified.
For Vessel Construction Finance - EAGLE Protection® Vessel-Under-Construction Insurance Policy
Designed to precede First American's Vessel Title Policy, First American's EAGLE 9® UCC Vessel-Under-Construction Insurance Policy insures the secured creditor status of the financing buyer and provides "seamless" coverage during construction of a vessel, through sea trails, to the documenting of the vessel with the Coast Guard.
For Nondeeded Timeshares (Vacation Interests, Point Shares, etc) - EAGLE 9® UCC Insurance Vacation Interest Policy
First American's EAGLE 9® UCC Vacation Interest Policy insures the "existence" of the "points" sold in non-deeded timeshare systems. The policy can run not only to the benefit of the purchaser of the points, but also to the benefit of the lender to the developer. The priority of the security interest of the lender to the developer, including take-back financing on the sale of points, and the existence of the points for sale, can be obtained by combining an EAGLE 9® Lender's Insurance Policy with the Vacation Interest Policy. Contact the National Vacation Ownership Division of the First American Title Insurance Company for more information and to place an order.
For New York Coops - The NY Cooperative Interest Policy
Based upon New York's unique provisions to its Uniform Commercial Code, First American's EAGLE 9® UCC Residential Cooperative Interest Policy insures the ownership of the debtor's Cooperative Interest in a Cooperative Organization. Contact First American Title Insurance Company of New York for more information and to place an order.
For Lenders and Buyers in Canada - Lien Priority Coverage Under the Civil Law of Quebec and PPSA Lien Perfection and Priority Coverage in the Other Provinces of Canada
First American, through its subsidiary First Canadian Title, now offers a full range of indemnity insurance products insuring liens in personal property under the Personal Property Security Act in the Common Law provinces of Canada and under the Civil Law of Quebec. Contact First Canadian Title for more information and to place an order.
