When an interest in real property was owned of record by a bank, savings and loan association, credit union or other financial institution at the time such institution was declared or adjudicated to be insolvent (a “failed institution”), a chain of title for that interest must be established from the failed institution to the purported owner as of the time of a subsequent title search. A sufficient chain of title shall be deemed to exist and title to such real property interest which is otherwise marketable shall be deemed marketable if such chain of title is evidenced by one or more recorded instruments described in this chapter.
History
This standard was added in 2003.