Real Estate Law
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Yes, I know about ACRIS as stated in my initial question. I do not see the cooperative I am talking about there. In fact I see UCC-1 and 3 filings by the bank(s) for the shares appurtenant to the cooperative but I do not see the cooperative filing of a UCC 1, nor do I see a UCC cooperative addendum in the aforementioned bank filings or otherwise.
In one instance of another cooperative I have units in I see that the secured party bank has a UCC financing statement cooperative addendum which identifies the cooperative as a party with rights superior to the first secured party (the bank) who is filing the UCC.
Must the cooperative file a UCC, or minimally have the bank file a UCC cooperative addendum?
Furthermore must these records be kept up to date. I see in the "Detailed Document Information" on ACRIS that there is a expiration date?
The banks which have a secured interest in my cooperative have an expiration date which has past.
" A coop can fike UCC on their interest in coop shares, but they are not required to under NY law"
What does "fike mean"?
If they do not file then what proof does a cooperative have that it has a secured interest in the underlying shares?
Example...Coop cannot produce a bona fide signed proprietary lease between the parties, or the share of stock.
It has a form lease but it has been decades since this was the current lease with all amendments.
Coop cannot produce secondary evidence "person with personal knowledge of the last known whereabouts, or someone who saw lease, or lease being signed, etc"
Must a cooperative in NYC provide a 90 day notice to shareholder of its plans to initiate a non judicial foreclosure pursuant to UCC section 611(f)?
I received two 30 day notice (two different apartments) effectively stating that the sale(s) would occur at a place certain on June 10th. It was mailed May 6th. I am the owner of the apartment(s). Does UCC §9-611 apply to me as the shareholder of these apartments. I do not live on the premises, and they did mail it to my proper address.
What I am specifically talking about is the 90 day notice required in the UCC. It reads as if only a banking institution must do this but it also seems as if the legislative intent was to afford coop owners the same notice time protections afforded under the statute for foreclosures on real estate. So the question goes first to is the 90 day notice required of the coop as the secured party.
I have been doing some westlaw research on this and have not been able to find any decisional law that supports that position, and because the letter of the law speaks to loan as opposed to secured interest it is clear that it was written thinking about lenders foreclosing and seemingly not realizing that a coop itself could take this action as the primary secured interest. I found also an article on the subject which would contradict what you said but if you could cite a decision it would help.
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