### Question
How does the law define ineligible condominium property?


### Answer
Under *12 U.S.C. § 1441a*, **ineligible condominium property** is defined as:

> a condominium unit, as such term is defined in section 3603 of title 15—


(I) to which the Corporation acquires title in its corporate capacity, its capacity as conservator, or its capacity as receiver (including its capacity as the sole owner of a subsidiary corporation of a depository institution under conservatorship or receivership, which subsidiary corporation has as its principal business the ownership of real property)

#### Citation:
  - *12 U.S.C. § 1441a*
  - Heading: **CHAPTER 11-FEDERAL HOME LOAN BANKS**

