13:18A-41. Payment of guaranteed amount
90 words·~1 min read·
/nj/title-13/chapter-18a/13-18a-41A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.