(a) General rule.--Property of a proprietary lessee other than his cooperative interest is not subject to claims of the association's creditors, whether or not his cooperative interest is subject to those claims.
(b) Notice of foreclosure.--If the association receives notice of an impending foreclosure on all or any portion of the association's real estate, the association shall promptly transmit a copy of that notice to each proprietary lessee of a unit located within the real estate to be foreclosed and to the holder of the first security interest encumbering the cooperative interest with respect to such unit. Failure of the association to transmit the notice does not affect the validity of the foreclosure.
Cross References. Section 4316 is referred to in sections 4102, 4311 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 68 - REAL AND PERSONAL PROPERTY
Chapter 43 - Management of Cooperatives
Section 4301 - Organization of association
Section 4302 - Powers of association
Section 4303 - Executive board members and officers
Section 4304 - Transfer of special declarant rights
Section 4305 - Termination of contracts and leases of declarant
Section 4307 - Upkeep of cooperative
Section 4310 - Voting; proxies
Section 4311 - Tort and contract liability
Section 4312 - Conveyance or encumbrance of cooperative
Section 4314 - Assessments for common expenses
Section 4315 - Lien for assessments
Section 4316 - Other liens affecting cooperative
Section 4317 - Association records
Section 4318 - Association as trustee
Section 4319 - Termination of cooperative interest
Section 4320 - Declarant delivery of items to association
Section 4321 - Limited equity cooperatives
Section 4322 - Alternative dispute resolution in cooperatives
Section 4323 - Complaints filed with Bureau of Consumer Protection