California Legislature—2015–16 Regular Session

Assembly Bill No. 1885

Introduced by Assembly Member Waldron

February 11, 2016

An act to amend Section 12340.1 of the Insurance Code, relating to insurance.

LEGISLATIVE COUNSEL’S DIGEST

AB 1885, as introduced, Waldron. Title insurance.

Under existing law, title insurance is defined as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches.

This bill would make technical, nonsubstantive changes to those provisions.

Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.

The people of the State of California do enact as follows:

SECTION 1.  

Section 12340.1 of the Insurance Code is
amended to read:

12340.1.  

“Title insurance” means insuring, guaranteeing or
indemnifying owners of real or personal property or the holders
of liens or encumbrances thereon or others interested therein against
loss or damage suffered by reason of:

(a) Liens or encumbrances on, or defects in the title to begin delete said end delete begin insert the end insert
property;

(b) Invalidity or unenforceability of any liens or encumbrances
begin delete thereon; end delete begin insert on the property; end insert or

(c) Incorrectness of searches relating to the title to real or
personal property.