Financing Statement form for use when collateral includes a Cooperative Interest. Filed with the New York filing office.
The Syracuse New York UCC1 Financing Statement Cooperative Addendum is a legal document that serves as an addendum to the standard UCC1 financing statement in the state of New York. It specifically pertains to cooperative housing corporations and helps provide clarity and security in financial transactions. This addendum is crucial when dealing with cooperative housing corporations in Syracuse, New York, as it outlines important information about the secured party (the lender) and the collateral (the cooperative shares or membership interests) that are subject to the financing arrangement. The Syracuse New York UCC1 Financing Statement Cooperative Addendum contains various sections that require detailed information to be provided. This includes the name and address of the debtor, the lender, and any other relevant parties involved in the transaction. The addendum also requires a precise description of the collateral, including its location and any identifying numbers or details associated with it. There are a few different types of Syracuse New York UCC1 Financing Statement Cooperative Addendum, depending on the specific circumstances of the transaction. These include: 1. New Financing Statement Addendum: This type of addendum is used when a new financing statement is being filed for the cooperative housing corporation, either because it is a new transaction or because the previous financing statement has expired. 2. Amendment Addendum: An amendment addendum is used when there are changes or updates to be made to an existing financing statement. This could include alterations to the debtor's information, changes in collateral description, or modifications to the lender's information. 3. Continuation Addendum: This addendum is used when the financing statement's effectiveness is about to expire (typically after five years) and needs to be extended. It allows lenders to maintain their priority over the collateral for an extended period. 4. Termination Addendum: When a financing statement is no longer needed or has been fully satisfied, a termination addendum is used to officially terminate the filing. This addendum is crucial to ensure that any potential future creditors are aware that the previous financing statement is no longer valid. In summary, the Syracuse New York UCC1 Financing Statement Cooperative Addendum is a legal document used for cooperative housing corporations in Syracuse, New York, to provide clear information on secured transactions. It includes various types of addendums such as new, amendment, continuation, and termination, depending on the specific circumstances of the transaction.
