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property with respect to which a preferred claim cannot <br /> be maintained against subsequent bona fide purchasers for <br /> value under the Uniform Commercial Code, the instrument <br /> shall require possession of the property by the State. <br /> The property subject to the security interest shall not be <br /> subject to any conflicting or prior security interest. <br /> The instrument creating the interest in real property <br /> shall be recorded as authorized for fee interests. <br /> The instrument creating the security interest in personal <br /> property shall be recorded in accordance with and other- <br /> wise conform to the requirements of the Uniform Commercial <br /> Code for perfecting a security interest in the State. In <br /> order for the Division to evaluate the adequacy of the <br /> property offered to satisfy this requirement, the applicant <br /> shall submit a schedule of the real or personal property <br /> which will be pledged to secure the obligations under the <br /> self-bond agreement. The schedule shall include: <br /> (A) A description of the property; and <br /> See Attachment C (Appraisal) <br /> (B) The value of the property. The property shall be valued <br /> at fair market value as determined by an appraisal conducted <br /> by appraisers appointed by the Division. The appraisal <br /> shall be expeditiously made, and a copy thereof furnished to <br /> the Division and the applicant. The reasonable expense of <br /> the appraisal shall be borne by the applicant; and <br /> See Attachment C (Appraisal) <br /> (C) Proof of the applicant's possession of and title to the <br /> unencumbered real property within the State which is offered <br /> to secure the obligations under the bond. Such proof shall <br /> include: <br /> (I) If the real property interest to be pledged arises <br /> under Federal or State lease, a status report prepared by <br /> an attorney, satisfactory to the Division as disinterested <br /> and competent to so evaluate the asset, and an affidavit <br /> fre the lessor establishing that the leasehold could be <br /> transferred to the State upon forfeiture; <br /> Not applicable. <br /> (II) If the real property interest to be pledged is a <br /> fee estate, a current commitment for title insurance from <br /> a title insurance company licensed in this State, satis- <br /> factory to the Division, insuring title to said real property <br /> in the applicant. <br /> See Attachment D (Title Insurance Commitment) <br />