This fall, the Forms Committee of the American Land Title Association presented for approval several new endorsement forms. For the first time ever, there was a formal comment period before the endorsements were to become final with an adoption date of 12-1-2012. The Forms Committee expected to received a few comments, dealing basically with some technical or grammatical issues. But, lo and behold, some cogent comments were received, and the Forms Committee listened. Due to the issues raised by the various comments received, the new and revised forms, which were set to become final and adopted as of December 1st, were instead withdrawn for further evaluation and revision. At this time, the earliest these forms could become final will be in February, 2012, following the next meeting of the Board of Governors of the ALTA.
So, the status of the revisions to the various endorsements and other forms is as follows:
- All revised versions of the ALTA Form 9 Endorsements are not approved. The old forms, with a revision date of 02-03-11 are still in effect and should be used wherever allowed.
- The new series of endorsements dealing with extraction of subsurface substances, and to be numbered 35-06, 35.1-06 and 35.2-06, are not approved.
- The new ALTA Form 30.1-06, Commercial Participation Interest Endorsement, is not approved.
- The technical revisions to the ALTA Endorsement 20, First Loss- Multiple Parcels, are adopted as of 10-13-11.
- The ALTA Closing Protection Letters, both Multiple Transactions and for Single Transaction, are approved with an adoption date of 12-1-11. The ALTA Closing Protection Letters were the subject of an earlier blog.
I will keep you informed as the revisions progress, and will alert you when the revisions to the revisions have been approved.
- The new versions of the ALTA Closing Protection Letter, dated 12-1-11, are adopted.