N.J.S.A. 17:9A-131.23 — Unsecured indebtedness; claims subordinate to depositors and creditors; liquidation

17:9A-131.23. Unsecured indebtedness; claims subordinate to depositors and creditors; liquidation The indebtedness evidenced by capital notes shall be unsecured and shall be 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.

This is the verbatim text of N.J.S.A. 17:9A-131.23, 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.