Legal Question in Consumer Law in New York
UCC1 cooperative financial agreement
We provide a warehouse line of credit for a lender who does coop loans in New York. We receive UCC1 Financing AGreement and Note. WE are wondering about an interim assignment of the security agreement to protect us until the lender sells this ''loan'' to their investor. Under a typical mortgage loan, we get an interim assignment or a MERS # that shows we are the interim lender. Then when loan is sold, a new MERS # is given. In the ''interim'' we are protected but with thre UCC financing statement, our client lender doesn't know what they are to provide as an interim assignment
1 Answer from Attorneys
Re: UCC1 cooperative financial agreement
Sir,
The process may be easily resolved by providing a provision in the original loan documents to cover you during the assignment period. Commercial lenders provide language for that. I would need to review your loan document to determine what additional items would be required to protect you.
Feel free to contact me should you wish to discuss this further.
Peter Moulinos
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