New York Laws
Article 2 - Limited-Profit Housing Companies
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.

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