Coop Loan Lien Filing Documents: UCC1 Filing Statement and UCC3 Termination Of Lien - New York Forms (4 Pages)

UCC1 Filing Statement
Shares of stock represent an owner's interest in a co-operative housing corporation.  When a loan is taken to finance ownership, the U.C.C.1, with addendum, documents the lender's lien on the shares allocated to the apartment unit and the appliances within it. The U.C.C.1 is filed in the county in which the unit is located. Some banks insist on filing the U.C.C. 1 before closing to assure that there is no gap time in which other creditors might file superior liens (ie: Mechanic's Lien).
UCC3 Termination Of Lien
Upon sale of a co-op unit or payoff of the loan financing the co-op, a U.C.C.3, Uniform Commercial Code termination statement, executed by the lender (the secured party), is filed with the County Clerk (or, in New York City, with the City Register) in the county in which the property is located.  The filed  U.C.C.3 terminates the secured interest or lien on cooperative stock shares and apartment appliances.
Author:
CLAIRE SAMUELSON MEADOW, Esq. is in the private practice of law, concentrating in real property transactions. In addition, she works on title matters as a consultant, attorney and representative for a New York based title agency. She is the author of numerous real estate articles distributed to lawyers, and she has appeared on the General Practice “Hot Tips” panel at the New York State Bar Association’s Annual Meeting. Recently, she has been presenting Continuing Legal Education-credit programs on real estate and title matters to the Westchester County Bar Association, the New York County Bar Association and the National Law Foundation. Mrs. Meadow authored the residential real property chapters of the New York Lawyer’s Deskbook and Formbook for more than 12 years.
Before entering private practice, Mrs. Meadow was a staff attorney in the Enforcement Division of the Securities and Exchange Commission’s New York regional office. She is a Phi Beta Kappa, cum laude graduate of Hunter College, Class of 1959, and a graduate of Columbia Law School, Class of 1962, where she was a recipient of a Moot Court Scholarship.
Mrs. Meadow is listed in Who’s Who in American Women and Who’s Who in American Law. She is a recipient of a Westchester County Woman of Achievement Award and a Certificate of Special Congressional Recognition from Congresswoman Nita M. Lowey for “outstanding and invaluable service to the community.”
Mrs. Meadow was a founding member of the New York State Women’s Bar Association, Westchester County, and its first recording secretary. She is also a member of the New York State Bar Association, Real Property Committee; the Westchester County Bar Association; and the New Rochelle Bar Association.
Don’t think this attorney has a narrow horizon. She chaired the Westchester Women’s Bar Association Annual Golf Outing for six years causing it to become such a popular community event that, in some years players had to be turned away.
Mrs. Meadow welcomes inquiries by new lawyers and general practitioners concerning basic real estate or title matters. She may be contacted at 914-834-6472.