CRE Insider Blog
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UCC Sale in the Enforcement of a Mezzanine Loan May Not be Unwound

By Mike Berey on August 21, 2019
The Plaintiff sought a ruling that the sale of equity interests in eleven commercial properties, which interests were pledged as collateral for a mezzanine loan, was commercially unreasonable because the auction sale was not conducted in a commercially ...
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Topics: Commercial Real Estate UCC mezzanine loan

UCC-1 May Be Void if Trustee of Trust Owning Cooperative Unit Applied Loan Proceeds for Non-Trust Debts

By Mike Berey on August 30, 2018
Plaintiff, the sole trustee of a trust which owned a cooperative unit, commenced an Action for a declaration that a Uniform Commercial Code Financing Statement filed against the unit as security for a loan to the Plaintiff, personally and in his capacity ...
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Topics: UCC

Why Using 2001 UCC Forms in New York is Not So Bad

By David L. Wanetik on August 4, 2016
New York State remains the only state still using UCC forms dated 2001. While it may appear to be embarrassing as the “financial center of the world”, there are actually some benefits of these old forms over the new forms being used by every other state.
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Topics: New York UCC

The Need For Correct Names on UCC Continuations

By David L. Wanetik on April 6, 2016
In 2001 a major revision of Article 9 of the Uniform Commercial Code was highlighted by the requirement that the secured party get the name of the debtor “correct”. Without the correct name, the filing could be deemed “seriously misleading” and ...
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Topics: UCC

New York Still Uses 2002 UCC Forms

By David L. Wanetik on September 8, 2015
In 2010 a series of amendments were proposed for Article 9 of the Uniform Commercial Code. Knowing it would take time for the individual state legislatures to pass these changes, a goal was set for the amendments to be enacted on July 1st, 2013. Forty ...
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Topics: New York UCC

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