16-117.Credit agreements; definitions.
As used in this act:
(a) "Credit agreement" means an agreement by a financial institution to
lend or delay repayment of
money, goods or things in action, to otherwise extend credit or to make any
other financial accommodation. For purposes of this act the term "credit
agreement" does not include the following agreements: Open-end or
closed-end promissory notes,
real estate mortgages, security agreements, guaranty agreements, letters of
credit, deposit account agreements, agreements in connection with deposit
accounts for the payment of overdrafts, agreements in connection with student
loans insured or guaranteed
pursuant to the federal higher education act of 1965 and acts amendatory
thereof and supplementary thereto, and agreements in connection with
"lender credit cards" as defined in the uniform consumer credit code;
(b) "creditor" means a financial institution which extends credit or extends
a financial
accommodation under a credit agreement with a debtor;
(c) "debtor" means a person who obtains credit or receives a financial
accommodation under a credit agreement with a financial institution; and
(d) "financial institution" means a bank, savings and loan association,
savings bank or credit union.
History: L. 1988, ch. 55, § 1;
L. 1989, ch. 70, § 1;
L. 1998, ch. 56, § 1; July 1.
16-117.Credit agreements; definitions.
As used in this act:
(a) "Credit agreement" means an agreement by a financial institution to
lend or delay repayment of
money, goods or things in action, to otherwise extend credit or to make any
other financial accommodation. For purposes of this act the term "credit
agreement" does not include the following agreements: Open-end or
closed-end promissory notes,
real estate mortgages, security agreements, guaranty agreements, letters of
credit, deposit account agreements, agreements in connection with deposit
accounts for the payment of overdrafts, agreements in connection with student
loans insured or guaranteed
pursuant to the federal higher education act of 1965 and acts amendatory
thereof and supplementary thereto, and agreements in connection with
"lender credit cards" as defined in the uniform consumer credit code;
(b) "creditor" means a financial institution which extends credit or extends
a financial
accommodation under a credit agreement with a debtor;
(c) "debtor" means a person who obtains credit or receives a financial
accommodation under a credit agreement with a financial institution; and
(d) "financial institution" means a bank, savings and loan association,
savings bank or credit union.
History: L. 1988, ch. 55, § 1;
L. 1989, ch. 70, § 1;
L. 1998, ch. 56, § 1; July 1.
16-117.Credit agreements; definitions.
As used in this act:
(a) "Credit agreement" means an agreement by a financial institution to
lend or delay repayment of
money, goods or things in action, to otherwise extend credit or to make any
other financial accommodation. For purposes of this act the term "credit
agreement" does not include the following agreements: Open-end or
closed-end promissory notes,
real estate mortgages, security agreements, guaranty agreements, letters of
credit, deposit account agreements, agreements in connection with deposit
accounts for the payment of overdrafts, agreements in connection with student
loans insured or guaranteed
pursuant to the federal higher education act of 1965 and acts amendatory
thereof and supplementary thereto, and agreements in connection with
"lender credit cards" as defined in the uniform consumer credit code;
(b) "creditor" means a financial institution which extends credit or extends
a financial
accommodation under a credit agreement with a debtor;
(c) "debtor" means a person who obtains credit or receives a financial
accommodation under a credit agreement with a financial institution; and
(d) "financial institution" means a bank, savings and loan association,
savings bank or credit union.
History: L. 1988, ch. 55, § 1;
L. 1989, ch. 70, § 1;
L. 1998, ch. 56, § 1; July 1.