Statute · New York Private Housing Finance Law
N.Y. Priv. Hous. Fin. Law § 31-b — Assignment or pledge of tenant cooperator's shares
N.Y. Priv. Hous. Fin. Law § 31-b
- Type
- Statute
- Source
- New York Private Housing Finance Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 31-b. Assignment or pledge of tenant cooperator's shares. Notwithstanding any other provision of law, a tenant cooperator's shares in a mutual company may be assigned or pledged as collateral for the purpose of securing a loan for the purchase of such shares. The commissioner or supervising…
Citator
N.Y. Priv. Hous. Fin. Law § 31-b — Assignment or pledge of tenant cooperator's shares is in force in the current edition of the Code, and nothing recorded condemns it.
§ 31-b. Assignment or pledge of tenant cooperator's shares. Notwithstanding any other provision of law, a tenant cooperator's shares in a mutual company may be assigned or pledged as collateral for the purpose of securing a loan for the purchase of such shares. The commissioner or supervising agency, as the case may be, shall promulgate regulations which provide that in the event of a default of such loan, such shares may be resold, and the dwelling accommodations represented by such shares may be occupied, only in accordance with the provisions of this article.