Title 57 Chapter 23 Section 2

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Title 57
Real Estate
Chapter 23
Real Estate Cooperative Marketing Act
Section 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 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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