ALTA Forms Committee Approves Technical Change to CPLs
August 1, 2019
ALTA’s Forms Committee reached a majority vote for a technical correction to the ALTA Closing Protection Letters.
The change went into effect Aug. 1, 2019 and applies to CPLs for both single and multiple transactions. The change is identical in each of the letters and removes the word “to” from paragraph 4.b.
The markup of the change looks like this:
(b) fraud, theft, dishonesty, or misappropriation by the Issuing Agent or Approved Attorney in handling Your Funds or documents in connection with the closing, but only to the extent that the fraud, theft, dishonesty, or misappropriation adversely affects the status of the Title to the Land or to the validity, enforceability, or priority of the lien of the Insured Mortgage on the Title to the Land.
The updated forms are posted on the ALTA Policy Forms page at alta.org/policy-forms and can be found in both the “Technical Corrections Effective 08-01-2019” and “Closing Protection Letters” sections. As is customary with a technical correction, the effective date of these forms has not changed and remain Dec. 1, 2018.
Contact ALTA at 202-296-3671 or communications@alta.org.