We provide the following generic copies of the UCC-1 and UCC-3 forms, which are configured to print for loans secured by shares and a lease in a cooperative unit (“cooperative loan”):
- UCC Financing Statement (Cx7700)
- UCC-3 Financing Statement (Cx22755)
- UCC-3 Financing Statement from MERS (Cx22778)
- FL UCC Financing Statement (Cx16930)
- FL UCC-3 Financing Statement (Cx22756)
- FL UCC-3 Financing Statement from MERS (Cx22779)
- NY UCC Financing Statement (Cx19882)
- NY UCC-3 Financing Statement Amendment (Cx22780)
- NY UCC-3 Financing Statement Amendment from MERS (Cx22781)
After a review of these documents, we have decided to enhance some of the fields and configurations used in them, as outlined below (references to section numbers are to the standard UCC-1 and UCC-3 forms, but they also include the equivalent sections from State-specific versions of these forms, unless otherwise noted):
UCC-1 (Cx7700)
We will be changing the configurations for Sections 1, 2, 10, and 19 – 21 of the UCC-1 (borrower information) to print the full name of a trust when the “Borrower [X] is Trust” series of fields (FI 118154, 118214, 118274, & 118334) equals “Yes” and Subsections b of such sections (individual borrower names) will be left blank. The “held in a Trust” selection in Section 5 will be marked when any of the following is true:
- Trust (FI 27089) = Yes
- Borrower [1 – 4] is Trust (FI 118154, 118214, 118274, or 118334) = Yes
- Non-Purchasing Entity [1 – 4] is Trust (FI 118394, 118454, 118514, or 118574) = Yes
- Is Land Trust (FI 27648) = Yes
Section 8 (“Optional Filer Reference Data”) will continue to print the MERS MIN and Phone number for MERS loans, but will print the loan number (FI 1061) instead when “MERS” (FI 18100) does not equal “Yes”.
Section 13 (indicating that the UCC-1 will be filed in the real estate records) will only be selected if both of the following conditions are met:
- [New Field] UCC to be Filed in the Real Estate Records (FI 132920) = Yes
- [New Field] UCC Filed as Fixture Filing (FI 132921) = Yes
The “is filed as a fixture filing” selection in Section 14 will only be selected if “UCC Filed as a Fixture Filing” = Yes.
Section 15 (name and address of record owner of real estate described in Section 16) will print the data from the following fields, if they are not empty:
- [New Field] Fixture/Chattel Owner Name (FI 132922)
- [New Field] Fixture/Chattel Owner Street (FI 132923)
- [New Field] Fixture/Chattel Owner City (FI 132924)
- [New Field] Fixture/Chattel Owner State (FI 132925)
- [New Field] Fixture/Chattel Owner Zip (FI 132926)
Section 16 (description of the real estate) will print the data from new field “Fixture/Chattel Description” (FI 132927) when it is not empty.
Because New York treats a cooperative loan as being secured by personal property (see LI Equity Network, LLC v. Vill. in the Woods Owners Corp., 79 A.D.3d 26, 910 N.Y.S.2d 97 [2010]; State Tax Comm’n v. Shor, 43 N.Y.2d 151, 154, 371 N.E.2d 523, 524 [1977]), the New York UCC-1 sections concerning fixture filings and filings in the real estate records will be left blank.
For the Florida-copy of the UCC-1, the “All documentary stamps due and payable or to become due and payable [etc.]” selection in Section 6 will be marked by default, except for loans involving select housing investors, which loans are exempt from the documentary stamp tax (e.g., see Fla. Stat. Ann. §§ 159.621[1] & 420.513[1]). For these investors, the alternative selection (“Florida Documentary Stamp Tax is not required”) will be marked.
UCC-3
Subsection 1b (which indicates that the UCC-3 will be filed in the real estate records) will only be selected if both of the following conditions apply:
- [New Field] UCC to be Filed in the Real Estate Records (FI 132920) = Yes
- [New Field] UCC Filed as Fixture Filing (FI 132921) = Yes
The “RESTATE covered collateral” selection in Section 8 (“Collateral Change”) will only be selected when new field “Collateral Change – Need to Restate Collateral” (FI 132946) equals “Yes”, as will Section 8 itself (which has its own selection box). The data from “Collateral Description” (FI 49556) will print in Section 8, if it has a value.
The loan number will print in Section 10 (“Optional Filer Reference Data”) when “MERS” (FI 18100) does not equal “Yes” (except for the UCC-3 “from MERS” copies, since these copies will always be used in connection with MERS’ loans).
We are modifying the fields used in Sections 12 and 20 so that the lender’s name will appear, leaving Subsections 12b and 20b (individual’s name) blank.
Like the UCC-1 forms, we will be changing the configurations for Section 13 to print the name of a trust when so indicated and Subsection 13b (individual borrower names) will be left blank in such a case.
Sections 15 through 17 (concerning the filing of the UCC-3 in the real estate records as a fixture filing) will only be completed when both of the following conditions exist:
- [New Field] UCC to be Filed in the Real Estate Records (FI 132920) = Yes
- [New Field] UCC Filed as Fixture Filing (FI 132921) = Yes
In such a case, the “is filed as a fixture filing” will be selected. Section 16 (name and address of record owner of real estate described in Section 17) will print the data from the following fields, if they are not empty:
- [New Field] Fixture/Chattel Owner Name (FI 132922)
- [New Field] Fixture/Chattel Owner Street (FI 132923)
- [New Field] Fixture/Chattel Owner City (FI 132924)
- [New Field] Fixture/Chattel Owner State (FI 132925)
- [New Field] Fixture/Chattel Owner Zip (FI 132926)
Section 17 (description of the real estate) will print the data from new field “Fixture/Chattel Description” (FI 132927) when it is not empty.
As with the New York UCC-1 form, the real estate filing and fixture filing parts of the New York UCC-3 form will be left blank.
Effective Date
These changes will take effect on June 27, 2019. If you have any questions or concerns about these changes, or discover any errors in testing, please contact Client Support at 1.800.497.3584.
DR 291832