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Code · New Jersey · Title 18A — Education · Chapter 72A

18A:72A-32. Power of private colleges to mortgage

123 words·~1 min read·/nj/title-18a/chapter-72a/18a-72a-32

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For the purpose of obtaining and securing loans under N.J.S.18A:72A-31 every participating institution shall, notwithstanding the provisions of any other law, have power to mortgage and pledge any of its real or personal property, and to pledge any of its income from whatever source to repay the principal of and interest on any loan made to it by the authority or to pay the interest on and principal and redemption premium, if any, of any note, bond or other evidence of indebtedness evidencing the debt created by any such loan; provided that the foregoing shall not be construed to authorize actions in conflict with specific legislation, trusts, endowment, or other agreements relating to specific properties or funds.
L.1967, c.271; amended 2021, c.415, s.16.
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