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Termination of cooperative interest - 68 Pa. Cons. Stat. § 4319

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     § 4319.  Termination of cooperative interest.
        (a)  General rule.--The association's right to terminate a
     cooperative interest shall be exercised by judicial sale of the
     cooperative interest in like manner as a foreclosure upon a
     leasehold interest in real estate. Where the articles of
     incorporation, declaration or bylaws provide a fixed price or
     formula for determining the maximum amount which the owner of
     the cooperative interest may receive upon transfer or where the
     articles of incorporation, declaration or bylaws provide an
     option, but not a right of first refusal, in the association to
     acquire the cooperative interest at a fixed price or price
     determined by formula and where the association has obtained a
     judgment authorizing the sale of the cooperative interest, the
     association may acquire the cooperative interest by payment of
     such amount to the owner of the cooperative interest or to the
     sheriff at any time prior to the sale. In case of judicial sale
     or payment to the sheriff in lieu of sale, liens and
     encumbrances shall be divested and proceeds distributed as if
     the right to terminate were deemed to be a lien for nonpayment
     of assessments under section 4315 (relating to lien for
     assessments), arising as of the date of commencement of the
     action.
        (b)  Enforcement of proprietary lease.--The association shall
     have the right, at its option, to enforce the provisions of the
     proprietary lease, including termination of the cooperative
     interest for default thereunder, under the provisions of the act
     of April 6, 1951 (P.L.69, No.20), known as The Landlord and
     Tenant Act of 1951, as amended, or by any other means available
     to it at law or in equity. In any such case, the court shall
     have the power to order judicial sale of the cooperative
     interest. In the event the proprietary lessee appeals an adverse
     decision in any court in which the association seeks to enforce
     its rights, the appeal may be dismissed, upon motion of the
     association, by the court in which the appeal is pending, if the
     proprietary lessee has not paid all the lessee's common expense
     assessments as they become due both prior to and during the
     pendency of the appeal, subject to any final judicial
     determination of the proprietary lessee's liability to make the
     payments if that is an issue in the appeal.

        Cross References.  Section 4319 is referred to in sections
     4102, 4302 of this title.

Last modified: November 27, 2007