Definitions.

CFR · 2024-01-01 · US · Title 12

For the purposes of this part, the following definitions apply: (a) (b) (c) (d) (e) (f) (g) (h) (i) (1) A security interest in stock or a membership certificate issued to a tenant stockholder or resident member by a cooperative housing organization; and (2) An assignment of the borrower's interest in the proprietary lease or occupancy agreement issued by such organization. (j) (k) (l) (m) (n) (o) (p)(1) A (2) The window-period begins on: (i) The date a state adopted a law (by means of a constitutional provision or statute) prohibiting the unrestricted exercise of due-on-sale clauses upon outright transfers of property securing loans subject to the state law creating the window-period, or the effective date of a constitutional or statutory provision so adopted, whichever is later; or (ii) The date on which the highest court of the state rendered a decision prohibiting such unrestricted exercise (or if the highest court has not so decided, the date on which the next highest appellate court rendered a decision resulting in a final judgment which applies statewide), and ends on the earlier of the date such state law prohibition terminated under state law or October 15, 1982. (3) Categories of state law which create window-periods by prohibiting the unrestricted exercise of due-on-sale clauses upon outright transfers of property securing loans subject to such state law restrictions include laws or judicial decisions which permit the lender to exercise its option under a due-on-sal

official document · source cfr-2024 · id 12:§ 191.2