N.J.S.A. 13:18A-41 — Payment of guaranteed amount

13:18A-41. Payment of guaranteed amount In the event a default occurs on any loan secured, in whole or in part, by a pinelands development credit guarantee and the lender has assigned the security interest in the pinelands development credit to the board, the board shall authorize payment to the lender up to the limits of the pinelands development credit guarantee, and shall notify the defaulting party. The board shall, in these cases, take all appropriate action to secure its interest in the pinelands development credit. L. 1985, c. 310, s. 12, eff. Aug. 28, 1985.

This is the verbatim text of N.J.S.A. 13:18A-41, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.