Any officer, director or employee of an institution who knowingly or negligently loans the funds of the institution in a dishonest or unlawful manner or permits the funds of the institution to be so loaned, is liable for the full amount of the loan and for all damages that the institution, its stockholders or any other person has sustained in consequence thereof. The liability for the loan continues until the loan, with interest, is paid in full without loss to the institution. The amount of the liability may be collected by suit or action without first attempting to collect from the debtor. [1997 c.631 §197a]
Section: Previous 708A.575 708A.580 708A.585 708A.590 708A.595 708A.600 708A.605 708A.630 708A.635 708A.640 708A.645 708A.650 708A.655 708A.990 708A.995 NextLast modified: August 7, 2008