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UCC Cooperative Addendum/UCC Addendum

Definition:

A UCC Cooperative Addendum is an additional document to a UCC-1 (Initial Financing Statement) which needs to be filled out when corrections have to be made to an UCC1 Cooperative.

What is a UCC Cooperative Addendum/UCC Addendum form:

A filed UCC Cooperative Addendum form contains the names of the debtor, the secured party or its representatives, and the cooperative. It also holds information such as the property's address and the file number of the Initial UCC-1. The lifetime of a UCC Cooperative Addendum is 50 years from the initial UCC filing date.

References:
http://www.judicialtitle.com/word/UCC1CAd.doc
http://www.nyc.gov/html/dof/html/jump/acris_release.shtml

Disclaimer:
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.