§ 57-23-2. Definitions.

Latest version.

As used in this chapter:

(1)

"Cooperative" means a form of coownership of real estate in which:

(a)	the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity;

(b)	an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and

(c)	the participating individual's right of occupancy is demonstrated by a proprietary lease or similar instrument.

(2)	"Division" means the Division of Real Estate of the Department of Commerce.

Enacted by Chapter 262, 1991 General Session

                    
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