How to Find “Who Owns The Note” – Who has an “Insurable Interest”

It is basic insurance law that in order to become named as a loss payee – that is, to get an
insurance policy issued to you to indemnify you against loss – you have to have an
“insurable interest.” MERS doesn’t (as far as I know). It is not a “loss payee”. Every
assignment of a mortgage (when the mortgage is sold in the securitization process is
insured:

http://www.eagle9.com/policies/Lender_Policy.pdf

(Because Eagle9 warns of a loss of assignment if the assignment or hypothecation (sale

of chattel paper/mtg) is not recorded under state law AND there is an intervening
BANKRUPTCY that supersedes UCC automatic perfection under UCC 9-301 – 304

Follow the insured interest.

Then you will know who does or does not have an interest in your mortgage.

EAGLE 9™ UCC INSURANCE POLICY

First American’s new EAGLE 9™ UCC Insurance Policy provides important lien
perfection and priority insurance coverage for the commercial loan and finance market
segments. For the first time, lenders can obtain coverage for:

•Lien Perfection
•Priority of Security Interest
•Creation and Attachment
•Enforceability of Security Interest

The EAGLE 9™ UCC Insurance Policy provides lender’s insurance for commercial
loans secured by personal property under the Uniform Commercial Code. Collateral
generally consists of inventory, furniture, fixtures, equipment, accounts, instruments,
chattel paper, crops, timber and intangibles.

With significant revisions to Article 9 of the UCC effective July, 2001, the EAGLE 9™
UCC Insurance Policy eliminates risk associated with the uncertainty of change. It is
intended to provide coverage broader and stronger than Legal Opinions.

Now, commercial loans in all amounts can be insured with the industry’s leading
provider of title insurance. In addition, EAGLE 9™ UCC Insurance Policy benefits can
extend to a full outsource of:

•UCC Search
•UCC Filing
•UCC Document Preparation
•UCC Tracking
Policies are produced on a fully electric basis to guarantee coverage, accuracy, filing
jurisdiction, efficiency and timeliness. A full staff of Commercial Loan Documentation
Specialists, UCC Legal Experts and Insurance Representatives are available to evaluate
and assist in completing transactions ranging from standard to highly complex.

Policy Coverage:

•Coverage against Fraud and/or Forgery

•Priority against other Secured Parties
•Effectiveness in Bankruptcy
Insurance Benefits:

•Indemnification against losses due to documentation defects

•Defense Protection
Title Insurance For Mezzanine Loan Financing in New York

Commercial Applications Of The New UCC Insurance Policy

For details and pricing please contact your sales representative at 800-437-1234.

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