NRS107.027. Lease of dwelling unit of cooperative housing corporation: Shares in corporation appurtenant to lease; encumbrances.

      1.  The shares which accompany a lease of a dwelling unit in a cooperative housing corporation are appurtenant to the lease. Any security interest in or lien on the lease encumbers the shares whether or not the instrument creating the interest or lien expressly includes the shares.

      2.  No security interest in or lien on shares of a cooperative housing corporation is effective unless the instrument which purports to create the interest or lien encumbers the lease to which the shares pertain.

      (Added to NRS by 1979, 708)