Legal Research Home > New Jersey Lawyer > Interest and Usury > New Jersey Interest And Usury Laws Section 31:1-5. Canal and railroad securities sold under par.

No bond, mortgage or other security for the payment of money, valid on its face, heretofore or hereafter made or issued by any railroad or canal corporation created by or under the laws of this state, shall be held, deemed or considered invalid because such bond, mortgage or other security may have been made, issued, sold, assigned or otherwise disposed of by such corporation below the par value thereof.

Last modified: October 22, 2006