New York Private Housing Finance Law Section 31-B - Assignment or pledge of tenant cooperator's shares.

   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.

Last modified: February 3, 2019