1. Personal property. A cooperative interest is personal property.
2. Nonseverable interest. The possessory interest evidenced by a proprietary lease is a part of and may not be severed from a cooperative interest.
Me. Rev. Stat. tit. 13, § 1745
Property classification of cooperative interest
Known as the Maine Cooperative Affordable Housing Ownership Act
The act spans §§ 1741 to 1764 (24 sections).
PL 1993, c. 300, §1 (NEW).
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.