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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 1611
Experience:  Run my own successful business/contract law practice.
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Must a cooperative do a UCC search when it is not sure if

Customer Question

Must a cooperative do a UCC search when it is not sure if financing exists on a cooperative unit. This question is being asked to insure that if the cooperative states that it has no proof of financing on its records of a specific unit but wants to initiate legal proceedings against same must they do so?
Please identify any law applicable thereto.
Submitted: 13 days ago.
Category: Business Law
Expert:  Attorney2 replied 13 days ago.

Welcome to JA and thank you for your question. I will be the Attorney that will be assisting you.

Expert:  Attorney2 replied 13 days ago.

This is common law/contract law. This would only be required if there is a contract that provides for this type of search. Who is requesting this?

Customer: replied 11 days ago.
Coop initiated holdover and now it's discovered they never served secured parties which is written in lease as a prerequisite to filing it's petition and notice of petition. They're argument was that they did not have record on file of coopera rive of the existence of the secured party. My understanding is that the case must be dismissed, inter alia, for failure to comply with terms of the lease in terminating it.
My further understanding is that the UCC exists to make known to the world the existence of a secured party, and by running a UCC search you should be able to secure knowledge of the existence of a secured party.
Expert:  Attorney2 replied 10 days ago.

What is your question for me?

Customer: replied 10 days ago.
I was replying to your question. You need to answer it quickly.
Expert:  Attorney2 replied 10 days ago.

Let me opt out as your response is confusing to me.