Lease of unit of cooperative: Ownership interest and votes in cooperative association appurtenant to proprietary lease; encumbrances.

NRS

107.027

Lease of unit of cooperative: Ownership interest and votes in cooperative association appurtenant to proprietary lease; encumbrances.

1. The ownership interest and votes in the cooperative association entitling the unit’s owner to lease a unit in a cooperative are appurtenant to the proprietary lease. Any security interest in or lien on the proprietary lease encumbers the ownership interest and votes in the cooperative association whether or not the instrument creating the interest or lien expressly includes such interests and votes.

2. No security interest in or lien on the ownership interest or votes in a cooperative association is effective unless the instrument which purports to create the interest or lien encumbers the proprietary lease to which the ownership interest and votes pertain.

(Added to NRS by 1979, 708 ; A 2019, 1345 )