New York § 31-B Assignment or pledge of tenant cooperator's shares

New York Statutes

§ 31-B — Assignment or pledge of tenant cooperator's shares

New York § 31-B

Law PVHPrivate Housing Finance

Art. 2Limited-profit Housing Companies

This text of New York § 31-B (Assignment or pledge of tenant cooperator's shares) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Private Housing Finance § 31-B (2026).

Text

  § 31-b. Assignment or pledge of tenant cooperator's shares.\nNotwithstanding any other provision of law, a tenant cooperator's shares\nin a mutual company may be assigned or pledged as collateral for the\npurpose of securing a loan for the purchase of such shares.  The\ncommissioner or supervising agency, as the case may be, shall promulgate\nregulations which provide that in the event of a default of such loan,\nsuch shares may be resold, and the dwelling accommodations represented\nby such shares may be occupied, only in accordance with the provisions\nof this article.\n

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§ 31-b. Assignment or pledge of tenant cooperator's shares.\nNotwithstanding any other provision of law, a tenant cooperator's shares\nin a mutual company may be assigned or pledged as collateral for the\npurpose of securing a loan for the purchase of such shares. The\ncommissioner or supervising agency, as the case may be, shall promulgate\nregulations which provide that in the event of a default of such loan,\nsuch shares may be resold, and the dwelling accommodations represented\nby such shares may be occupied, only in accordance with the provisions\nof this article.\n