California housing & land-use law
10 CCR § 2792.14. Undivided Interests Subdivisions—Blanket Encumbrances.
Title 10, California Code of Regulations (real estate), as enacted — this section's verbatim text. The library holds selected sections of this code, not the whole code.
- Edition
- 2026-09-23 official publisher snapshot
- Effective
- 1991-08-11
- Last updated
- 2026-09-26
- Jurisdiction
- California
§ 2792.14¶
Undivided Interests Subdivisions—Blanket Encumbrances.
(a) Except as provided in subdivision (b) hereof, if the real property to be owned by the stock cooperative corporation will be subject to a mortgage or deed of trust affecting the interest of more than one member or shareholder of the stock cooperative (hereafter blanket encumbrance), a public report will not be issued unless legal or financial arrangements satisfactory to the Real Estate Commissioner have been made to:
(1) Provide assurance that the ownership and possessory rights of a member of the stock cooperative will not be adversely affected by foreclosure or acceleration of the blanket encumbrance by or on behalf of the beneficiary unless the affected member or shareholder is delinquent in payments allocated by the stock cooperative to debt service on the blanket encumbrance.
(2) Provide assurance for the payment of said blanket encumbrance.
(b) The provisions of subdivision (a) shall not apply in the case of a stock cooperative which is
(1) insured under section 213 or section 221 of the National Housing Act, as amended and involves a regulatory agreement between stock cooperative and the Secretary of Housing and Urban Development with the provision for the establishment and maintenance of a general operating reserve or
(2) assisted under section 8 of the U. S. Housing Act of 1937 as amended and involves a housing assistance payment contract between the stock cooperative and the Secretary of Housing and Urban Development with a special provision for the establishment and maintenance of a general operating reserve as the Secretary of Housing and Urban Development may approve.
Official source: § 2792.14. Undivided Interests Subdivisions—Blanket Encumbrances..
Source snapshot retrieved: 2026-09-23T18:11:44.108Z.
- Amendment of section (a) filed 7-12-91; operative 8-11-91 (Register 91, No. 44).
Version dates (indexing metadata): Effective 1991-08-11.
Date derivation (indexing metadata): This is the current publisher text. The filing history states: "3. Amendment of section (a) filed 7-12-91; operative 8-11-91 (Register 91, No. 44)." The indexing start is therefore 1991-08-11. No earlier version is represented.