Nevada § 673.3255 Loans to finance interest in cooperative housing corporation; first security interests

Nevada Statutes

§ 673.3255 — Loans to finance interest in cooperative housing corporation; first security interests

Nevada § 673.3255

Title 55BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL

Ch. 673Savings

LOANS

This text of Nevada § 673.3255 (Loans to finance interest in cooperative housing corporation; first security interests) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 673.3255 (2026).

Text

1. A savings bank may make or invest in a loan to finance a borrower’s interest in or to refinance his or her existing interest in a cooperative housing corporation if the loan is secured by:

(a)A first security interest in stock or a certificate of membership in the cooperative housing corporation; and

(b)An assignment of or lien on the borrower’s interest in the lease or other right of tenancy to a dwelling unit of the cooperative housing corporation. 2. A first security interest may exist even though a mortgage or deed of trust encumbers the property owned by the cooperative housing corporation if the stock or certificate of membership in the corporation and the borrower’s lease or other right of tenancy are not encumbered with a prior security interest. For purposes of this chapter,

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1. A savings bank may make or invest in a loan to finance a borrower’s interest in or to refinance his or her existing interest in a cooperative housing corporation if the loan is secured by:
(a) A first security interest in stock or a certificate of membership in the cooperative housing corporation; and
(b) An assignment of or lien on the borrower’s interest in the lease or other right of tenancy to a dwelling unit of the cooperative housing corporation.
2. A first security interest may exist even though a mortgage or deed of trust encumbers the property owned by the cooperative housing corporation if the stock or certificate of membership in the corporation and the borrower’s lease or other right of tenancy are not encumbered with a prior security interest. For purposes of this chapter, additional loans or advances on the same interest in a cooperative housing corporation, without intervening liens, shall be deemed to be first security interests. For purposes of this chapter, the interest in a cooperative housing corporation which is encumbered by a security interest shall be deemed to be real property and security interest shall be deemed to be a mortgage on real property.