When should a uuc-1 agreement on a co-op be filed?

Answer 1

A UUC-1 agreement, or Uniform Commercial Code financing statement, should be filed when a cooperative (co-op) is created and there are secured interests in the co-op's assets. This filing typically occurs at the time of the co-op's formation or when a member or investor provides financing secured by the co-op's assets. Filing promptly ensures that the security interest is perfected and provides public notice, protecting the lender's rights in case of default. It's advisable to consult legal counsel to ensure compliance with relevant laws and regulations.