Legal Question in Real Estate Law in New York

Re: Coop Foreclosure

Coop foreclosure is rather quick and simple as coops are treated as "personal property" for lien purposes and foreclosed under the uniform commercial code. I am presuming that the foreclosure is a result of a loan default. Upon a default, a secured lender can either send a letter proposing to retain the collateral (stock and lease) or can notice a "commercially reasonable" sale, this is invariably an auction. The purchaser at that sale then has the right to proceed on 10 days notice to seek eviction by serving a petition in the Civil Ct. If you dispute the existence of default, you would have to commence an action and seek a stay on any transfer of your interest.