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what is an "intial coop ucc1"

Started by jimstreeteasy
almost 16 years ago
Posts: 1967
Member since: Oct 2008
Discussion about
in looking on acris ive seen this kind of mortgage document filing in favor of jpmorganchase..but no $ amount listed what does this mean?
Response by ab_11218
almost 16 years ago
Posts: 2017
Member since: May 2009

ucc1 filing is for coops when they change hands and there's a mortgage taken out. as far as i understand, it stipulates who is the "first lender in line".

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Response by NWT
almost 16 years ago
Posts: 6643
Member since: Sep 2008

http://wiki.answers.com/Q/What_is_a_UCC-1_agreement

A UCC1 is filed for a co-op share loan because it's technically not a mortgage. You'll also see them filed for, say, a dentist's office equipment.

Now that NYC and/or NYS will start collecting a mortgage recording tax for co-ops, as they do for condos, the amounts will start showing up.

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Response by jimstreeteasy
almost 16 years ago
Posts: 1967
Member since: Oct 2008

is it typical that no dollar amount is listed ?...

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