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304.22-030 Powers of title insurer.
A title insurer shall have corporate powers as set forth in KRS 271B.3-020, and in
addition shall have power to:
(1) Examine titles to real estate and chattels real and personal, and to procure and
furnish information relative thereto.
(2) Make and guarantee the correctness of searches of all instruments, liens, or
changes affecting the titles set out in subsection (1) of this section.
(3) Make insurance of every kind pertaining to or connected with titles to real
estate and chattels real and personal; and to make and issue such policies and
other instruments as may be required to insure owners of real estate and
chattels real and personal, mortgages, and others having an interest therein,
from loss by reason of liens, encumbrances, and defective titles.
(4) Act as trustee under mortgages or deeds of trust executed to secure payment
of bonds where the title to the real estate and chattels real and personal
included in the mortgage or deed of trust has been examined and approved by
the insurer; to act as agent in fact for investors in, and the holders of
mortgages or deeds of trust or bonds, notes or other evidences of
indebtedness mentioned in Subtitle 7, in the purchase, sale and servicing
thereof.
(5) To acquire and hold, subject to Subtitle 7, such real estate and chattels real
and personal as may be necessary or convenient for the conduct of its
business, including real estate and chattels real and personal taken in
satisfaction of debts due the insurer or by subrogation under its guaranties or
insurance, and to sell, lease, pledge, mortgage and convey such property.
Effective:January 1, 1989
History: Amended 1988 Ky. Acts ch. 23, sec. 186, effective January 1, 1989. -Amended 1972 Ky. Acts ch. 274, sec. 161, effective July 1, 1972. -- Created
1970 Ky. Acts ch. 301, subtit. 22, sec. 3, effective June 18, 1970.
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