38:23B-14.4. Guaranteed loans; purchase of notes on default
121 words·~1 min read·
/nj/title-38/chapter-23b/38-23b-14-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the event that a bank shall elect, pursuant to the provisions of section eight hereof, to have its veterans' loans guaranteed by the authority, then the authority shall purchase upon demand of such bank, to the extent of the resources of the veterans guaranty and insurance fund in excess of the total of all balances then held in reserve funds in accordance with the provisions of section nine hereof, any approved veteran's note which remains unpaid for thirty days after the date of maturity thereof, or on which any installment is more than three months in arrears, at a price equal to ninety per centum (90%) of the unpaid principal of such note.
L.1945, c. 185, p. 629, s. 10.