SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [Fee Required]
For the fiscal year ended December 31, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [No Fee Required]
For the transition period from to
Commission file number 333-07939
UCFC Funding Corporation (Series 1996-2)
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(Exact name of registrant as specified in its charter)
Louisiana 72-1328674
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(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization)
4041 Essen Lane, Baton Rouge, LA 70809
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(Address of principal executive offices (Zip Code)
504-924-6007
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(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
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None None
Securities registered pursuant to Section 12(g) of the Act:
None
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(Title of class)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding twelve months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes x No
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Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein and will not be
contained to the best of Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. Not Applicable
State the aggregate market value of the voting stock held by non-affiliates
of the registrant. Not Applicable
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of December 31, 1996. Not Applicable
THIS ANNUAL REPORT ON FORM 10-K IS FILED ON BEHALF OF THE REGISTRANT BY UNITED
COMPANIES LENDING CORPORATION, (as Servicer under a Pooling and Servicing
Agreement dated as of December 1, 1996 providing for the issuance of
Manufactured Housing Contract Pass-Through Certificates, Series 1996-2.
PAGE 1
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PART I
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Item 1. BUSINESS
Omitted pursuant to prior Commission "no-action" position.
Item 2. PROPERTIES
Omitted pursuant to prior Commission "no-action" position.
Item 3. LEGAL PROCEEDINGS
None
Item 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
None
PART II
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Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS
There is no established trading market for
Registrant's securities subject to this filing.
Number of holders of record of the Certificates as of
March 17, 1997: 1 .
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Item 6. SELECTED FINANCIAL DATA
Omitted pursuant to prior Commission "no-action"
position.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Omitted pursuant to prior Commission "no-action" position.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Reference is made to the Annual Compliance Certificate attached as
Exhibit 28.1 hereto.
Reference is made to the annual report on the Servicer's compliance
with certain provisions of the Agreement as prepared by Deloitte &
Touche, the Servicer's Independent Certified Public Accountants, and
attached as Exhibit 28.2 hereto.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
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PART III
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Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Omitted pursuant to prior Commission "no-action" position.
Item 11. EXECUTIVE COMPENSATION
Omitted pursuant to prior Commission "no-action" position.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following information is furnished as of March 17, 1997 as
to each Certificateholder of record of more than 5% of the
Certificates:
<TABLE>
<S> <C> <C> <C>
Amount of Percent
Name & Address Beneficial of
Title of Class of Owner Ownership Class
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Manufactured Housing Cede & Co. $49,415,899.86 100.0%
Contract Pass-Through c/o The Depository Trust Co.
Certificates, Series 1996-2 P. O. Box 20
Class A Bowling Green Station
New York, New York 10274
</TABLE>
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(a) None
(b)-(d) Omitted pursuant to prior Commission "no-action"
position.
PART IV
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Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) 1-2 Not Applicable
3. Exhibits
28.1 Annual Compliance Certificate
28.2 Annual Report of Servicer's compliance with
certain provisions of the Agreement by
Servicer's Independent Certified Public
Accountants.
(b)-(d) Omitted pursuant to prior Commission "no-action"
position.
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EXHIBIT INDEX
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EXHIBIT NO. DESCRIPTION
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28.1 Annual Statement as to Compliance, UCFC Funding
Corporation Manufactured Housing Pass-Through
Certificates, Series 1996-2, Page 7.
28.2 Independent Accountant's report, Pages 8-9.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Servicer has caused this report to be signed on
behalf of the Registrant by the undersigned, thereto duly authorized on the
25th day of March, 1997.
UNITED COMPANIES LENDING CORPORATION, as Servicer,
on behalf of the Registrant
BY: /s/ SHERRY E. ANDERSON
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Sherry E. Anderson, Secretary
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following officers and directors of the
Servicer on behalf of the Registrant and in the capacities indicated on the
25th day of March, 1997.
BY: /s/ J. TERRELL BROWN
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J. Terrell Brown, Chief Executive
Officer and Director
(Principal Executive Officer)
BY: /s/ DALE E. REDMAN
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Dale E. Redman, Director
(Principal Financial Officer)
BY: /s/ C. GERON HARGON
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C. Geron Hargon, President and
Director
BY: /s/ JESSE O. GRIFFIN
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Jesse O. Griffin, Vice President
(Principal Accounting Officer)
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EXHIBIT 28.1
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ANNUAL STATEMENT AS TO COMPLIANCE
UCFC FUNDING CORPORATION
MANUFACTURED HOUSING PASS-THROUGH CERTIFICATES
SERIES 1996-2
In accordance with Section 3.11 of that certain Pooling
and Servicing Agreement relating to UCFC Funding Corporation
Manufactured Housing Pass-Through Certificates, Series 1996-2,
dated as of December 1, 1996 (the "Pooling and Servicing
Agreement"), by and among UCFC Funding Corporation, as
depositor, United Companies Lending Corporation, as servicer
(the "Servicer"), and Bankers Trust Company of California, N.A.,
as trustee, the undersigned officer of the Servicer
does hereby certify as follows: (i) a review of the
activities of the Servicer during 1996 and of performance
under the Pooling and Servicing Agreement has been made under
the undersigned officer's supervision; and (ii) to the best
of such undersigned officer's knowledge, based on such
review, the Servicer has fulfilled all of its obligations
under the Pooling and Servicing Agreement for 1996.
EXECUTED this 25th day of March, 1997.
/s/ C. GERON HARGON
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C. Geron Hargon, President
United Companies Lending Corporation
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EXHIBIT 28.2
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INDEPENDENT ACCOUNTANT'S REPORT
To the Board of Directors
United Companies Lending Corporation
We have examined management's assertion about United
Companies Lending Corporation's compliance with the minimum
servicing standards identified in the Mortgage Bankers
Association of America's Uniform Single Attestation Program
for Mortgage Bankers (USAP) as of and for the year ended
December 31, 1996 included in the accompanying management
assertion. Management is responsible for United Companies
Lending Corporation's compliance with those minimum
servicing standards. Our responsibility is to express an
opinion on management's assertion about the entity's
compliance based on our examination.
Our examination was made in accordance with standards
established by the American Institute of Certified Public
Accountants, and, accordingly, included examining, on a test
basis, evidence about United Companies Lending Corporation's
compliance with the minimum servicing standards and performing
such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not
provide a legal determination on United Companies Lending
Corporation's compliance with the minimum servicing standards.
In our opinion, management's assertion that United Companies
Lending Corporation complied with the aforementioned
minimum servicing standards as of and for the year ended
December 31, 1996 is fairly stated, in all material respects.
Deloitte & Touche LLP
February 28, 1997
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UNITED COMPANIES LENDING CORPORATION (LETTERHEAD)
As of and for the year ended December 31, 1996, United
Companies Lending Corporation has complied in all material
respects with the minimum servicing standards set forth in
the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers. As of and for this
same period, United Companies Lending Corporation had in
effect fidelity bond and errors and omissions policies in the
amounts of $10,000,000 and $4,000,000, respectively.
/s/ J. TERRELL BROWN 3/25/97
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J. Terrell Brown Date
Chairman and Chief Executive Officer
/s/ JACK TALKINGTON 3/25/97
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Jack Talkington Date
Senior Vice President and Controller
/s/ DALE QUICK 3/25/97
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Dale Quick Date
Senior Vice President and Servicing Manager
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