New Jersey Revised Statutes § 38:23b-14.4 - Guaranteed Loans; Purchase Of Notes On Default

38:23B-14.4. Guaranteed loans; purchase of notes on default
In the event that a bank shall elect, pursuant to the provisions of section eight hereof, to have its veterans' loans guaranteed by the authority, then the authority shall purchase upon demand of such bank, to the extent of the resources of the veterans guaranty and insurance fund in excess of the total of all balances then held in reserve funds in accordance with the provisions of section nine hereof, any approved veteran's note which remains unpaid for thirty days after the date of maturity thereof, or on which any installment is more than three months in arrears, at a price equal to ninety per centum (90%) of the unpaid principal of such note.

L.1945, c. 185, p. 629, s. 10.

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Last modified: October 11, 2016