ALTAPosted by BarryP on December 27, 2021 at 4:05 pm
First time I’m seeing this request (I’m in NM) regarding certifying to a Lender in and ALTA Survey;
“XY Bank, as Lead Arrangers and Bookrunners”
Any comments? I’m checking it out online to educate myself.
- 7 Replies
- MemberDecember 27, 2021 at 4:12 pm
That’s a new one…I’m in Texas.T. Nelson – SAM, LLC
- MemberDecember 27, 2021 at 4:21 pm
A search will show this has been discussed many times on the forum. As I understand it, you generally aren’t taking on any additional liability if those parties would naturally have standing to sue you, but you are making it a little easier for them, and could be giving additional parties standing to sue if they did not naturally have it. The ALTA standard does list parties that should be included.
A good response was given by David Baalman:
To be able to sue you, someone must prove that they have standing to do so, by having been harmed by something shown on your survey (presumably an error or omission). That’s much easier for them to argue if you directly certify to THEM that the survey is correct..
- MemberDecember 27, 2021 at 6:58 pm
How many other professions certify that their work is correct? This has always PMO. It’s even worse when Board rules and regulations require it.
One reason I have switched mainly to construction stakeout. My clients are better able to judge the quality of my work and don’t ask me to certify it.
- MemberDecember 27, 2021 at 8:01 pm
your Client, and
title company as insurer to above
only bookrunner I know around here is in the ‘gaming’ business
- MemberDecember 27, 2021 at 10:36 pm
Let Google be your friend.
- Bookrunner: This role is optional. If it exists, it refers to the entity or entities – there could be several – designated by the company to coordinate the syndication process. The bookrunner is also responsible for structuring the financing, and for designing and implementing the transaction.
- Mandated Lead Arranger (MLA): when there is a bookrunner in the transaction, the MLA is the second most important role, due to the amount they contribute to the financing operation. In the absence of a bookrunner, the MLA is the most important role, and is awarded to the banks that lead the structuring of the transaction.
- Lead Manager/ Lead Arranger, Arranger and Participant: the bank or banks that provide financing for the operation. They play one of these roles (in descending order of importance) depending on their financial contribution.
- MemberDecember 28, 2021 at 3:28 pm
My favorite is still certifying to “JPMorgan Chase & Co. as trustees for certain unnamed parties”
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