17:12B-210 - Applicability of sections 17:12B-208, 17:12B-209 to indebtedness on loan to enable association to effect sale of assets - New-jersey Statutes

State Codes and Statutes

Statutes > New-jersey > Title-17 > Section-17-12b > 17-12b-210

17:12B-210. Applicability of sections 17:12B-208, 17:12B-209 to indebtedness on loan to enable association to effect sale of assets The provisions of sections 208 and 209 of this act shall not be applicable to or in any way affect any indebtedness on account of any loan made to an association to enable it to effect a sale of its assets, and any such indebtedness shall become and be an indebtedness of such corporation; and any obligation evidencing such indebtedness, any mortgage, assignment of mortgage or other document securing such obligation and any agreement with respect to any such indebtedness shall become and be binding upon such corporation and upon its assets with like force and effect as if originally incurred by such corporation.

L.1963, c. 144, s. 210.

State Codes and Statutes

Statutes > New-jersey > Title-17 > Section-17-12b > 17-12b-210

17:12B-210. Applicability of sections 17:12B-208, 17:12B-209 to indebtedness on loan to enable association to effect sale of assets The provisions of sections 208 and 209 of this act shall not be applicable to or in any way affect any indebtedness on account of any loan made to an association to enable it to effect a sale of its assets, and any such indebtedness shall become and be an indebtedness of such corporation; and any obligation evidencing such indebtedness, any mortgage, assignment of mortgage or other document securing such obligation and any agreement with respect to any such indebtedness shall become and be binding upon such corporation and upon its assets with like force and effect as if originally incurred by such corporation.

L.1963, c. 144, s. 210.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > New-jersey > Title-17 > Section-17-12b > 17-12b-210

17:12B-210. Applicability of sections 17:12B-208, 17:12B-209 to indebtedness on loan to enable association to effect sale of assets The provisions of sections 208 and 209 of this act shall not be applicable to or in any way affect any indebtedness on account of any loan made to an association to enable it to effect a sale of its assets, and any such indebtedness shall become and be an indebtedness of such corporation; and any obligation evidencing such indebtedness, any mortgage, assignment of mortgage or other document securing such obligation and any agreement with respect to any such indebtedness shall become and be binding upon such corporation and upon its assets with like force and effect as if originally incurred by such corporation.

L.1963, c. 144, s. 210.