17:9A-131.23 - Unsecured indebtedness;Ā claims subordinate to depositors andĀ creditors;Ā liquidation
17:9A-131.23.Ā Unsecured indebtedness;Ā claims subordinate to depositors andĀ creditors;Ā liquidation
The indebtedness evidenced by capital notes shall be unsecured and shall beĀ subordinate to the claims of depositors and other creditors of the bank, regardless whether such claims predate or postdate the issuance of such notes. Upon the liquidation of the bank, depositors and other creditors shall be entitled to payment in full before any payment on account of principal or interest is made on such capital notes.
L.1966, c. 272, s. 4.
The indebtedness evidenced by capital notes shall be unsecured and shall beĀ subordinate to the claims of depositors and other creditors of the bank, regardless whether such claims predate or postdate the issuance of such notes. Upon the liquidation of the bank, depositors and other creditors shall be entitled to payment in full before any payment on account of principal or interest is made on such capital notes.
L.1966, c. 272, s. 4.