Insuring UCC Filings
Kerri Woolverton
Insurance for UCC Filings is a product offered by Lighthouse Title, Inc. through one of its underwriters. This product is designed to offer peace of mind to buyers and lenders for the equipment, supplies, furniture, or other assets being purchased or financed. The UCC insurance products resolve problems and are designed to put the lender in the strongest possible position in the face of a workout or insolvency.
The Buyer’s Policy insures that the acquired assets are free of lien, including not only the liens of the seller, but also liens of any intermediate seller of the acquired assets to the seller. The Buyer’s Policy can be used in a sale of assets, a merger, or any similar transaction.
The Lender’s Policy, insures the attachment, perfection, and priority of the secured party’s security interest in personal property collateral. The policy:
- Fills in previously uncovered risks (forgery, fraud, lack of capacity, gap, mis-indexing, incorrect filing rejection)
- Transfers risk from the lender and the lender’s counsel to our Underwriter
- Reduces potential for conflict between lender and lender’s counsel, especially in bankruptcy proceedings
- Decreases reliance on or cost of legal opinion letters and provides an alternative to no-opinion self insurance of the representations of the borrower
The Lender’s Policy also provides full ownership insurance for pledged or acquired equity, effective risk management for factual or legal uncertainty, and significant utility and cost savings in multi-jurisdictional practice.
Lighthouse Title, Inc. provides a full range of title insurance products and services, including title searches, title insurance policies, escrow services, and 1031 Tax Deferred Exchange Services to Banks, Realtors, Attorneys, and Mortgage Companies throughout Michigan and in affiliation with five national underwriters throughout the 50 States.
Kerri Woolverton, our Commercial Closing Officer has over 13 years of title knowledge. She specializes in Commercial Closings and 1031 Tax Deferred Exchanges. Prior to joining Lighthouse Title Group, she was the Lakeshore Assistant Regional Manager for a National Underwriter covering 11 offices in West Michigan. Kerri can be reached at 616-820-7293 or kwoolverton@lighthousegroup.net.
Once you have a Lighthouse experience you will see that we shine above our competitors.
