Previously, only the names and signature lines for the actual borrower(s) of a loan secured by shares in a co-operative apartment were printing on the “Irrevocable Stock Power – COOP” (Cx4986), “Affidavit of No Further Encumbrances – COOP” (Cx4989), “Notice of Assignment of Security Agreement – Managing Agent – COOP” (Cx4991), and “NY Aztech Recognition Agreement – COOP” (Cx8091).
However, due to the provisions of N.Y. Est. Powers & Trust Law §6-2.2(c) & (d), which states that either a tenancy by the entirety is created when a husband and wife obtain a proprietary lease or a joint tenancy is created when two persons who are not married but are described as “husband and wife” obtain a proprietary lease, Cx4986, 4989, 4991, and 8091 have been changed so that the signature lines of the vested borrower(s) print on the forms and reference to the “lessees” in the general loan information sections near the beginning of Cx4989, 4991, and 8091 also refer to the vested borrower(s).
Although this law only applies to New York, the changes have been applied regardless of the state the subject property is located in, due to similar laws in other states (e.g. see Cal. Fam. Code §760).
In addition, the Lender Name and Lender Tax ID fields have been added to the first sentence of “Irrevocable Stock Power – COOP” (Cx4986) in place of two blank lines that previously had to be filled out manually.
The majority of these changes are already in place. The edits to the last document, Cx4986, will be effective November 17, 2012. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
November 16, 2012