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The EAGLE 9® UCC COOPERATIVE INTEREST INSURANCE POLICY FOR BUYERS, available only from First American Title Insurance Company, affords a buyer of a cooperative unit in New York insurance against actual loss or damage sustained by the Insured which may result from situations such as the following:
 
A person other than the insured claims rights of ownership
A lender attempts to enforce a wrongfully terminated financing statement
A cooperative unit is transferred without knowledge that the seller of the unit is in bankruptcy
A federal tax lien filed against the Seller in a jurisdiction in which he or she also has a residence is being enforced against the unit
A claim is asserted that the person transferring the unit on behalf of the Seller-entity did not have the authority to do so
Claims to ownership of the unit are asserted, or a proceeding is commenced to enforce a lien, in a bankruptcy
A lender attempts to enforce an unknown, filed but mis-indexed financing statement
A unit is transferred to the Insured after notice is served that a judgment is being enforced against the unit
The federal or state government attempts to enforce a federal or New York State tax lien filed against the Seller
A claim is asserted that the Seller did not have the authority to transfer the unit due to a claim of fraud or undue influence
A claim of ownership is asserted by an heir or legatee of a deceased Seller
A claim of ownership is asserted by a person to whom the stock and proprietary lease relating to the unit was transferred when it was claimed at closing that the stock and lease were lost
 

A COOPERATIVE ORGANIZATION ENDORSEMENT to the EAGLE 9® UCC COOPERATIVE INTEREST INSURANCE POLICY FOR BUYERS can protect the cooperative corporation against loss if any person other than the insured unit purchaser, or his or her Seller, has rights in the cooperative unit.

Under the EAGLE 9® UCC COOPERATIVE INTEREST INSURANCE POLICY FOR BUYERS, First American Title Insurance Company will also pay costs, legal fees and expenses incurred in the defense of the title as insured.

For further information please contact:

MODERN ABSTRACT CORPORATION
or your First American Sales Representative


633 Third Avenue, 17th Floor
New York, NY 10017-6706
(212) 334-1181

FirstAmNY.com | ModernAbstract.com


As with any insurance contract, there are exceptions, exclusions,
and conditions to coverage contained in the policy.