1. A savings bank may make or invest in a loan to finance a borrowers interest in or to refinance his or her 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. A first security interest may exist even though a mortgage or deed of trust encumbers the property owned by the cooperative housing corporation if the stock or certificate of membership in the corporation and the borrowers lease or other right of tenancy are not encumbered with a prior security interest. For purposes of this chapter, additional loans or advances on the same interest in a cooperative housing corporation, without intervening liens, shall be deemed to be first security interests. 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 security interest shall be deemed to be a mortgage on real property.
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