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UCC Financing Statement Coop Addendum

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UCC FINANCING STATEMENT

FOLLOW INSTRUCTIONS (front and back) CAREFULLY

A. NAME & PHONE OF CONTACT AT FILER [optional]

B. SEND ACKNOWLEDGMENT TO: (Name and Address)

THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY

1. DEBTOR'S EXACT FULL LEGAL NAME - insert only one debtor name (1a or 1b) - do not abbreviate or combine names

1a. ORGANIZATION'S NAME

OR

1b. INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX
1c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
1d. SEE INSTRUCTIONS ADD'L INFO RE ORGANIZATION DEBTOR 1e. TYPE OF ORGANIZATION 1f. JURISDICTION OF ORGANIZATION 1g. ORGANIZATIONAL ID #, if any NONE

2. ADDITIONAL DEBTOR'S EXACT FULL LEGAL NAME - insert only one debtor name (2a or 2b) - do not abbreviate or combine names

2a. ORGANIZATION'S NAME

OR

2b. INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX
2c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY
2d. SEE INSTRUCTIONS ADD'L INFO RE ORGANIZATION DEBTOR 2e. TYPE OF ORGANIZATION 2f. JURISDICTION OF ORGANIZATION 2g. ORGANIZATIONAL ID #, if any NONE

3. SECURED PARTY'S NAME (or NAME of TOTAL ASSIGNEE of ASSIGNORE S/P) – insert only one secured party name (3a or 3b)

3a. ORGANIZATION'S NAME

OR

3b. INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX
3c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY

4. This FINANCING STATEMENT covers the following collateral

5. ALTERNATIVE DESIGNATION (if applicable)

6.

[if applicable]

7. Check to REQUEST SEARCH REPORT(S) on Debtor(s)

[ADDITIONAL FEE]

[optional]

8. OPTIONAL FILER REFERENCE DATA

FILING OFFICE COPY – UCC FINANCING STATEMENT (FORM UCC1) (REV. 05/22/02)

International Association of Commercial Administrators (IACA)

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What the UCC Financing Statement Coop Addendum Is

A UCC Financing Statement Coop Addendum is a supplemental form used alongside a UCC-1 financing statement to describe a security interest in a cooperative apartment interest or other cooperative corporation ownership unit. It clarifies collateral specifics that a standard UCC-1 may not capture, such as unit identifiers, proprietary lease details, and cooperative board consent conditions, and it helps establish priority for secured parties under Article 9 of the Uniform Commercial Code when filing with the appropriate state filing office.

Why adding a coop-specific addendum matters

A coop addendum provides precise collateral description, reduces ambiguity about unit interests, and helps ensure the secured party’s priority is reflected correctly on public records.

Why adding a coop-specific addendum matters

Typical users and responsible parties

Accurate completion reduces filing disputes, shortens closing timelines, and protects the secured party’s interest.

  • Lenders and banks making loans secured by coop shares or proprietary leases, ensuring collateral is described accurately and priority established.
  • Title and closing agents handling cooperative closings to confirm payoff, liens, and correct collateral references on the financing statement.
  • Borrowers or cooperative corporations providing unit identifiers, board consent language, and any lease-related encumbrance details required by secured parties.

Authorized signers and common roles

Cooperative Officer

An officer or authorized representative of the cooperative corporation may sign when the cooperative itself is the debtor. That signer should be listed by title and must have corporate authority documented in bylaws or a board resolution to avoid challenges to the filing.

Secured Party Agent

A lender’s authorized agent or closing attorney may sign on behalf of the secured party when expressly authorized. Maintain written agency evidence and include the agent’s printed name, title, and contact information on the addendum.

Required fields and core data elements

Debtor Name: Exact legal name
Secured Party: Exact legal name
Collateral Description: Unit number and lease ID
Filing Reference: UCC-1 filing number
Coop Unit ID: Proprietary lease details
Contact Address: Street, city, state, ZIP

Consequences of errors or omissions

Incorrect Debtor Name: Misindexing risk
Vague Collateral: Priority disputes
Late Amendment: Loss of perfected status
Missing Consent: Board objection risk
Duplicate Filings: Clouded title
Failure to Continue: Lapse after five years

Common preparation pitfalls to avoid

  • Using an informal or abbreviated debtor name that does not match government records, which can cause the filing to be ineffective against subsequent creditors.
  • Describing collateral generically (for example, 'all assets') instead of identifying the cooperative unit and associated proprietary lease terms.
  • Failing to attach or reference the underlying proprietary lease, board consent, or assignment documents that substantiate the security interest.
  • Not filing amendments or continuations on schedule, allowing perfected interests to lapse and undermining priority claims.

Key components to include for a complete addendum

A complete coop addendum pairs with the UCC-1 and supplies the specifics lenders and filing officers need to identify the collateral accurately.

Parties

Full legal names and organizational identifiers for debtor and secured party, matching the names used on the primary UCC-1 filing to avoid indexing errors.

Collateral Description

Detailed description of the cooperative interest including unit number, proprietary lease ID, and any apartment listing or ledger reference used by the cooperative.

Referenced Documents

List underlying documents (proprietary lease, assignment, board consent) with dates and recording or docket numbers when applicable for chain-of-title clarity.

Signatures

Signature blocks for authorized signers, dates, printed names, and titles; include evidence of corporate authority or board resolution where cooperative signs.

Effective Date

Date the security interest is intended to attach and be enforceable; this date affects priority and should match related loan documents.

Governing Law

State choice of law or jurisdiction that will govern interpretation and disputes regarding the financing statement and addendum.

Step-by-step: completing the coop addendum

Follow these core steps to prepare, validate, and file a coop addendum that supports a UCC-1 financing statement.

  • 01
    Collect details: Gather legal names, unit ID, lease references.
  • 02
    Draft addendum: Describe collateral precisely and cite documents.
  • 03
    Obtain authorizations: Get cooperative board consent if required.
  • 04
    File and retain: File with state office and keep records.

Where to file or submit the completed addendum

Filing destinations vary by jurisdiction; below are typical submission routes for a UCC Financing Statement Coop Addendum.

  • State Filing Office: Submit the addendum with the Secretary of State's UCC unit.
  • County Recorder: Record referenced lease documents at the county recorder when required.
  • Mail or Courier: Paper filings often allowed; confirm fee and address with filing office.
  • Electronic Filing: Use the state e‑filing portal where available for faster processing.

How to customize and complete the addendum online

Set up a digital workflow that enforces required fields, collects signatures, and attaches supporting documents before filing.

Field Configuration
Debtor name auto-fill Use verified entity name lookup to prevent mismatches
Collateral mandatory field Make unit ID and lease reference required inputs
Attachment enforcement Require upload of board consent or lease document
Signature sequencing Order signature steps for debtor then secured party

Digital signing and eSubmission considerations

Ensure the platform can export a tamper-evident executed PDF, produce a certificate of completion, and store attachments for audit and future UCC amendments.

  • Document formats: PDF and DOCX supported
  • Integration needs: Salesforce, NetSuite, Google Workspace
  • Authentication: Email, SMS, or KBA options

Timelines and processing expectations

Be aware of filing windows, continuation schedules, and standard processing times to maintain perfected security interests.

Initial Filing:

File promptly once the security agreement is executed; effectiveness often depends on filing date.

Continuation Deadline:

UCC financing statements typically lapse after five years unless a continuation is filed within six months before expiration.

Amendments:

File amendments promptly when collateral or debtor information changes to preserve perfection.

Processing Time:

State e‑filing is usually faster; paper filings take longer depending on office workload.

Retention of Evidence:

Keep filing receipts and confirmation for audit and title purposes.

Key milestones from drafting to ongoing maintenance

A typical milestone sequence covers preparation, filing, confirmation, and ongoing maintenance actions for the addendum.

01

Prepare Documents

Draft addendum and gather lease and consent documents.

02

Execute Signatures

Obtain required signatures, notarizations, or RON sessions.

03

File with Office

Submit to state filing office and obtain confirmation.

04

Maintain and Continue

Monitor five-year lapse and file continuations as necessary.

eSignature vendor comparison for executing UCC addenda

This comparison highlights basic pricing and capability differences relevant to signing and storing UCC Financing Statement Coop Addenda.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial Yes, 7-day trial Yes, trial available Yes, trial available Yes, trial available Yes, trial available
Bulk Send Yes Yes Yes Yes Yes
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Frequently asked questions and troubleshooting

Answers to common questions about preparing, filing, and managing a UCC Financing Statement Coop Addendum to reduce common errors and delays.


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