N.Y. Private Housing Finance Law § 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.