1. A bank may make or invest in a loan to finance a borrowers interest in or to refinance the borrowers existing interest in a cooperative housing corporation if the loan is secured by: (a) A first security interest in stock or a certificate of membership in the cooperative housing corporation; and (b) An assignment of or lien on the borrowers interest in the lease or other right of tenancy to a dwelling unit of the cooperative housing corporation. 2. For purposes of this chapter, the interest in a cooperative housing corporation which is encumbered by a security interest shall be deemed to be real property, and any loan made pursuant to subsection 1 shall be deemed to be a loan secured by a mortgage on real property. 3. As used in subsection 1, cooperative housing corporation means a corporation organized under the laws of this state for the purpose of the cooperative ownership of real estate whereby each of the stockholders or members is entitled, through ownership of stock or a certificate of membership in the corporation, to occupy a house, apartment or other dwelling unit on real estate owned by the corporation.
‹ Prev All Nevada sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.