Section 9--502. Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement; Contents of Cooperative Addendum  


Latest version.
  • (a) Sufficiency  of  financing statement. Subject to subsection (b), a
      financing statement is sufficient only if it:
             (1) provides the name of the debtor;
             (2) provides the name of the secured party or a representative of
                 the secured party;
             (3) indicates the collateral covered by the financing  statement;
                 and
             (4) in  the  case of a cooperative interest, indicates the number
                 or  other  designation  and  the  street   address   of   the
                 cooperative unit.
        (b) Real-property-related  financing  statements.  Except as otherwise
      provided in Section 9--501(b), to be sufficient, a  financing  statement
      that  covers  as-extracted  collateral  or timber to be cut, or which is
      filed as a fixture filing and covers goods that are  or  are  to  become
      fixtures,  or,  unless  a  cooperative addendum is filed, which covers a
      cooperative interest, must satisfy subsection (a) and also:
             (1) indicate that it covers this type of collateral;
             (2) indicate that it is to be filed in the real property records;
             (3) provide a description of  the  real  property  to  which  the
                 collateral  is  related,  including  the location of the real
                 estate by reference to a book and page number in  a  deed  or
                 mortgage index maintained in the county clerk's office in the
                 county  where the property is situate or by street and number
                 and town or city, or, if the real estate is in  the  city  of
                 New York, by county, except that if the real estate is in the
                 city of New York or counties of Nassau or Onondaga, where the
                 block   system  of  recording  or  registering  and  indexing
                 conveyances is in use, the statement must  also  specify  the
                 block  and  lot  number in which the real estate is situated;
                 and
             (4) if the debtor does not have an interest of record in the real
                 property, provide the name of a record owner.
        (c) Record of mortgage as financing statement. A record of a  mortgage
      is effective, from the date of recording, as a financing statement filed
      as  a  fixture  filing or as a financing statement covering as-extracted
      collateral or timber to be cut only if:
             (1) the record indicates the goods or accounts that it covers;
             (2) the goods are or are to become fixtures related to  the  real
                 property described in the record or the collateral is related
                 to   the  real  property  described  in  the  record  and  is
                 as-extracted collateral or timber to be cut;
             (3) the  record  satisfies  the  requirements  for  a   financing
                 statement in this section other than an indication that it is
                 to be filed in the real property records; and
             (4) the record is duly recorded.
        (d) Filing  before  security  agreement  or  attachment.  A  financing
      statement may be filed before a security agreement is made or a security
      interest otherwise attaches.
        (e) Contents  of  cooperative  addendum.  A  cooperative  addendum  is
      sufficient only if it satisfies subsection (a) and also:
             (1) if  not  filed  simultaneously  with  the  initial  financing
                 statement,  identifies,  by  its  file  number,  the  initial
                 financing statement to which the addendum relates;
             (2) indicates the street address of the cooperative unit;
    
             (3) indicates  the  county  in  which  the  cooperative  unit  is
                 located;
             (4) indicates the city, town, or village in which the cooperative
                 unit is located;
             (5) indicates  the  real property tax designation associated with
                 the real property in which the cooperative unit is located as
                 assigned by the local real property tax assessing  authority;
                 and
             (6) indicates the name of the cooperative organization.