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·Law PVH Private Housing Finance·Art. 2 Limited-profit Housing Companies

  § 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

Free access — add to your briefcase to read the full text and ask questions with AI

§ 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

New York § 31-B (Assignment or pledge of tenant cooperator's shares) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.