In the news ... Tuesday, May 06, 2014

Mid-Atlantic Area

 

Pennsylvania

Three Glenhardie Corporate Center

1265 Drummers Lane, Suite 220

Wayne, PA  19087

(610) 687-8020

(800) 842-2080

(610) 687-6056 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805-0326

(814) 238-3600

(814) 238-3604 - fax

 

125 Technology Drive, Suite 101

Canonsburg, PA  15317

(866) 364-2777

(724) 746-5434 - fax

 

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

The 800 King Street Building

800 King Street, Suite 304

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

 

Maryland

Columbia Corporate Park

8850 Stanford Blvd., Suite 2900

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

 

Virginia

9303 Center Street, Suite 101

Manassas, VA  20110-5547

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1503 Santa Rosa Road, Suite 233

Richmond, VA  23229

(804) 288-4090

(888) 859-922

(804) 288-4092 - fax

 

6802 Paragon Place

Suite 410

Richmond, VA  23230

(804) 441-6112

(804) 441-6050 - fax


Fraudulent Mortgage Releases Using UCC Filings


It has been brought to our attention that documents have been filed in the office of the Secretary of State of Michigan purporting to release mortgages validly filed in the appropriate land records for the properties described in the underlying mortgages. The parties are using UCC Correction Statements forms for this purpose. The documents recite that "Sovereign International Bill of Exchange Funds" payable to the order of the mortgagee of record have been used to satisfy and discharge the underlying obligation and mortgage. The statements are being filed by or on behalf of the mortgagors in the underlying real estate mortgages.

Such statements are, of course, of no legal effect and have no impact on the lien of a mortgage or deed of trust properly filed or recorded according to local law. If these documents are encountered during an examination of title they should never be construed to have discharged the lien of the mortgage or deed of trust.

Should you have any questions, please contact our underwriting counsel: Steve Gratman; Sue Swick or Dwight Edwards.


 

Please contact Sue Morgan at Old Republic Title with any questions
or give us a call at 610-687-8020 or 800-842-2080. 

 

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Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.