Section 41-14-56 Liability of state and Treasurer ; delays in payments. - Alabama Statutes

Section 41-14-56

Liability of state and Treasurer ; delays in payments.

(a) Neither the state nor the Treasurer shall be liable to any eligible lending institution in any manner for payment of the principal or interest on the linked deposit loan to an eligible borrower.

(b) Any delay in payments or any default on the part of the eligible borrower does not in any manner affect the linked deposit participation agreement between the eligible lending institution and the Treasurer.

(Act 2007-397, p. 790, §1.)