Ucc-1 addendum ny Form 2011-2024

Ucc-1 addendum ny Form: What You Should Know

If the Collateral is to be treated as property held in trust by the trustee, such property must be considered “property of the debtor,” and may only be used to discharge the debtor's debt, and must be used to the extent that the Trust Fund is used to discharge a debt of such debtor, or to reduce the amount the trustee is required to invest in or otherwise discharge the trust property under Sec.2.1 — Trust Fund (NY. 10286) NY. 10287 — UCC ADAPTED BY CH. BENZENE, J.P., J.D. (A version of this is also provided with Rev. 1/18/2016)  Note: Form UCC1 does not cover all types of contracts (See Sec.2.1 — Trust Fund); Form UCC1Ad is for documents that need to be filed with NY. 10289 that are subject to Sec.2.1 — Trust Fund. If the contract is used to discharge a debt, but there is a trust, a trustee, or an individual in charge of a trust who is entitled to receive the proceeds of the transaction, they are still responsible for the payment of these proceeds. (See Sec.2.5.) Additional: If the debt was incurred (or any portion thereof will be incurred) when the debtors were in bankruptcy, and has been paid and discharged, the debtor should have its name entered under “Debtor” in the form of a debtor for the purpose of discharge proceedings in the bankruptcy court. See Sec.3.1 — Bail-in Borrower, as in “the bankruptcy estate of the debtor is discharged and the trustee or the trustee's assignee receives the debtor's property in the bankruptcy estate pursuant to the terms of the debt.” Please note that if the Trust Funds are used to pay a debt, the obligation will remain with the creditor and not the Trust Fund. If an obligation has been discharged, the Trust Funds do not apply. See Sec.6.1(c) “If the Trust Funds were used to pay a debt when the debtors are in bankruptcy, and the obligation has not been discharged and the Trust Funds are required to be applied in order to discharge the remaining debt, the obligation remains with the creditor and the Trust Funds do not apply if the debt was a loan.” 1.3.

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