Need clarification about resale points

[anonymousegirl]

Hi all, quick question. If I am looking at a contract with an August UY and it says this:

50 points currently available and 50 points coming on 8/1/09.

Basically, I have 3 weeks to use those 50 points that available now, right? I mean, they can't be banked, and since it usually takes 6-8 weeks for a resale to close, if I bought this contract, haven't I just lost those points?

 

[simmons_m]

August UY means the points are distributed on 08/01 each year. The '08 pts were just distributed, and it looks like they did not borrow or bank any points, so all '09 pts are intact.
Mike

 

[anonymousegirl]

Thanks, that clears thing up for me. I couldn't figure out how that contract would be a good thing.

So, if this contract was purchased, the buyer would have until April 30, 2009 to bank those points?

 

[z28wiz]

No August UY is March 31 not April to bank.