Iowa Administrative Code › Agency 265 - Iowa Finance Authority › Chapter 9 - Title Guaranty Division › Rule 265-9.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
The following words and phrases, when used in this chapter,
				shall have the meanings set forth below unless a meaning is inconsistent with
				the manifest intent or the context of a particular rule:
"Abstract"
means a written or electronic
				summary of all matters of record affecting title to a specific parcel of real
				estate prepared in accordance with abstract minimum standards adopted by the
				division, provided however, that for nonpurchase transactions, "abstract" may
				also mean a written or electronic short-form summary setting forth the
				titleholders, liens, and encumbrances in accordance with guidelines adopted by
				the division.
"Abstractor"
means a person who is engaged in
				the practice of searching public records for the purpose of creating
				abstracts.
"Authority"
means the Iowa finance authority
				established by Iowa Code chapter 16.
"Certificate "
means the form used to
				guarantee title, including any part or schedule thereof and any endorsements
				thereto.
"Claim "
means loss or damage or potential
				loss or damage arising by reason of a matter actually, possibly, or allegedly
				within the coverage of a commitment, certificate, closing protection letter,
				mortgage release certificate, or by reason of any other matter for which the
				division is actually, possibly, or allegedly liable.
"Claim loss "
means amounts paid by the
				division in the investigation and resolution of a claim including, but not
				limited to, payments to the guaranteed, payments to adverse claimants,
				attorneys' fees, and all other expenses and costs related to or arising from
				the claim.
"Closing protection letter"
means the
				division's written agreement to indemnify a lender or borrower or both for loss
				caused by a participating closer's theft of settlement funds or failure to
				comply with written closing instructions relating to title certificate coverage
				when agreed to by the participating closer.
"Commitment"
means the division's written
				offer to issue a certificate.
"Division "
means Iowa title guaranty, a
				division of the Iowa finance authority.
"Division board"
means the board of the
				division created pursuant to Iowa Code section
				16.2A(1).
"Field issuer "
means a participant authorized
				by the division to issue commitments and certificates.
"Mortgage release certificate "
means a
				certificate of release or a certificate of partial release issued by the
				division, pursuant to Iowa Code section
				16.92.
"Participant"
means a participating attorney,
				a participating abstractor, or a participating closer.
"Participating abstractor"
means an abstractor
				who is authorized by the division to prepare abstracts for division
				purposes.
"Participating attorney"
means an attorney
				licensed to practice law in the state of Iowa who is authorized by the division
				to prepare title opinions for division purposes.
"Participating closer"
means any of the
				following authorized by the division to issue a closing protection letter: an
				Iowa licensed attorney disbursing funds through an interest on lawyer trust
				account, a closing agent licensed by the Iowa division of banking, or a real
				estate broker licensed by the Iowa real estate commission disbursing funds
				through a real estate trust account.
"Party "
means a participant, or any other
				person, that has a contractual relationship with the division to provide
				services for which a claim may be brought against the division.
"Person "
means an individual or legal entity,
				including corporation, limited liability company, government or governmental
				subdivision or agency, business trust, estate, trust, partnership or
				association, or any other legal entity.