38:23B-14.4 - Guaranteed loans;Ā purchase of notes on default
38:23B-14.4.Ā Guaranteed loans;Ā purchase of notes on default
In the event that a bank shall elect, pursuant to the provisions of sectionĀ eight hereof, to have its veterans' loans guaranteed by the authority, then theĀ authority shall purchase upon demand of such bank, to the extent of theĀ resources of the veterans guaranty and insurance fund in excess of the total ofĀ all balances then held in reserve funds in accordance with the provisions ofĀ section nine hereof, any approved veteran's note which remains unpaid forĀ thirty days after the date of maturity thereof, or on which any installment isĀ more than three months in arrears, at a price equal to ninety per centum (90%)Ā of the unpaid principal of such note.
L.1945, c. 185, p. 629, s. 10.
Ā
In the event that a bank shall elect, pursuant to the provisions of sectionĀ eight hereof, to have its veterans' loans guaranteed by the authority, then theĀ authority shall purchase upon demand of such bank, to the extent of theĀ resources of the veterans guaranty and insurance fund in excess of the total ofĀ all balances then held in reserve funds in accordance with the provisions ofĀ section nine hereof, any approved veteran's note which remains unpaid forĀ thirty days after the date of maturity thereof, or on which any installment isĀ more than three months in arrears, at a price equal to ninety per centum (90%)Ā of the unpaid principal of such note.
L.1945, c. 185, p. 629, s. 10.
Ā