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| | New York State Law Revision Commission |
 | | First, the revision of UCC Article 9, proposed by the National Conference of Commissioners on Uniform State Law and the American Law Institute, does not address secured transactions with respect to commercial and residential cooperative apartments because coops are not a national phenomenon. |
 | | A search of financing statements filed under article nine of the uniform commercial code, when made and certified to by a title insurance, abstract or searching company organized under the laws of this state, may be used in place of, and with the same legal effect as an official search and certification. |
 | | This is so because sections 9-201(b) and 9-406(h) expressly subject Revised Article 9 to any New York rule of law (common law, statutes, or administrative rules or regulations) that establishes a different rule for consumers with respect to "consumer transactions," which is defined in section 9-102(a)(26). |
| www.lawrevision.state.ny.us /reports/report1.html |
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