17:9A-331. Exempt transactions
268 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-331A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Nothing in this article shall prohibit a foreign bank from
(1)contracting in this State with a banking institution for the acquisition by such foreign bank from such banking institution of a part interest in or the entire interest in a loan which such banking institution proposes to make, together with a like interest in any security and any security instrument proposed to be given to such banking institution to secure or evidence such loan;
(2)contracting in this State with a banking institution to acquire, and acquiring in this State from such banking institution, a part interest in or the entire interest in any loan heretofore or hereafter made by such banking institution, together with a like interest in any security and any security instrument heretofore or hereafter given to such banking institution to secure or evidence such loan;
(3)enforcing in this State obligations heretofore or hereafter acquired by it in the transaction of business outside of this State, or in the transaction of any business authorized by paragraph
(1)or
(2)of this section;
(4)acquiring, holding, leasing, mortgaging, contracting with respect to, or otherwise protecting or conveying property in this State heretofore or hereafter assigned, transferred, mortgaged or conveyed to it as security for, or in whole or part satisfaction of a loan or loans made by it or obligations acquired by it in the transaction of business outside of this State, or in the transaction of any business authorized by paragraphs
(1)or
(2)of this section.
L.1948, c. 67, p. 411, s. 331. Amended by L.1950, c. 97, p. 178, s. 1.