Legal Question in Real Estate Law in New York
Cooperative Financing
Can you tell me what a mortgage on a co-op is secured by? Is it shares of stock and a UCC? How do the shares get released?
Asked on 5/22/07, 2:04 pm
1 Answer from Attorneys
Randy S. Newman
Weisman Law Group PC
Re: Cooperative Financing
The loan on a coop is secured by the shares of stock and the proprietary lease. The UCC-1 is filed to show that the shares and lease are pledged as security for the loan. When the loan is paid off, a UCC-3 termination statement is filed and the lien is released.
Answered on 5/22/07, 2:15 pm
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