Document Update: Co-Operative Loan Security Agreement (Cx4987)
Jun 2, 2026
We have updated Cx4987, the Co-Operative Loan Security Agreement. Previously, the form limited legal fees, costs, allowances, and disbursements payable to attorneys who are not salaried employees to 15% of the debt amount in New York and Minnesota. Based on our review, that limitation is not required for first-lien transactions in either state, so we have removed it. The updated language instead provides that these fees must be reasonable, actually incurred, and permitted by applicable law.
These changes are available for testing in Stage and Stage 2 and are scheduled to take effect on June 9, 2026. If you have questions about this update, please contact Client Support at 1.800.497.3584.
LEG-3702
COM-7412
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third-party should consult with an attorney prior to embarking upon any specific course of action.
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.