57-23-2 - Definitions.
57-23-2. Definitions.
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 otherlegal 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 leaseor similar instrument.
(2) "Division" means the Division of Real Estate of the Department of Commerce.
Enacted by Chapter 262, 1991 General Session