Financing Statement form for use when collateral includes a Cooperative Interest. Filed with the New York filing office.
Queens New York UCC1 Financing Statement Cooperative Addendum is a legal document that serves as an additional attachment to the UCC1 Financing Statement in the State of New York. This addendum specifically pertains to cooperative interests in Queens, which are unique compared to other types of property and require specific information to be properly secured. A UCC1 Financing Statement is commonly used to establish a creditor's interest in personal property as collateral for a loan. However, cooperative interests do not fall under the traditional definition of personal property. Therefore, to properly secure a loan against a cooperative interest in Queens, the UCC1 Financing Statement Cooperative Addendum must be completed. This addendum requires detailed information about the cooperative unit, including its address, unit number, and the name of the cooperative association. Additionally, it may also include information about the collateral being used to secure the loan, such as shares of stock in the cooperative corporation or the proprietary lease. The addendum must be signed by both the debtor and the creditor for it to be valid. Different types of Queens New York UCC1 Financing Statement Cooperative Addendums may exist depending on the specific purposes they serve. For example, one type may be used when securing a loan for a residential cooperative unit, while another may be used for commercial cooperative units. Each addendum will have its own unique set of requirements and specific information to be included. In conclusion, the Queens New York UCC1 Financing Statement Cooperative Addendum is a crucial legal document when securing a loan against cooperative interests in Queens. It ensures that the creditor's interest is properly established and provides relevant information about the cooperative unit being used as collateral.Queens New York UCC1 Financing Statement Cooperative Addendum is a legal document that serves as an additional attachment to the UCC1 Financing Statement in the State of New York. This addendum specifically pertains to cooperative interests in Queens, which are unique compared to other types of property and require specific information to be properly secured. A UCC1 Financing Statement is commonly used to establish a creditor's interest in personal property as collateral for a loan. However, cooperative interests do not fall under the traditional definition of personal property. Therefore, to properly secure a loan against a cooperative interest in Queens, the UCC1 Financing Statement Cooperative Addendum must be completed. This addendum requires detailed information about the cooperative unit, including its address, unit number, and the name of the cooperative association. Additionally, it may also include information about the collateral being used to secure the loan, such as shares of stock in the cooperative corporation or the proprietary lease. The addendum must be signed by both the debtor and the creditor for it to be valid. Different types of Queens New York UCC1 Financing Statement Cooperative Addendums may exist depending on the specific purposes they serve. For example, one type may be used when securing a loan for a residential cooperative unit, while another may be used for commercial cooperative units. Each addendum will have its own unique set of requirements and specific information to be included. In conclusion, the Queens New York UCC1 Financing Statement Cooperative Addendum is a crucial legal document when securing a loan against cooperative interests in Queens. It ensures that the creditor's interest is properly established and provides relevant information about the cooperative unit being used as collateral.