17:12B-141 - Application of withdrawal value to indebtedness - New Jersey Statutes

17:12B-141.  Application of withdrawal value to indebtedness
    A State association may apply and credit the full withdrawal value of any account pledged with it as security for the payment of any debt, toward the payment of such debt;  except that no State association shall apply and credit the withdrawal value of any such account so pledged where the State association  requires notice from any account holder prior to the payment of any withdrawal  application;  except where the State association is paying withdrawals as  directed by the commissioner as provided in section 140 of this act and the  commissioner's direction permits the application of the withdrawal value so  pledged, to be credited against a debt due such State association.

     L.1963, c. 144, s. 141.