17:30C-24 - Borrowing on pledge of assets - New Jersey Statutes

17:30C-24.  Borrowing on pledge of assets    For the purpose of facilitating the rehabilitation, liquidations, conservation or dissolution of an insurer pursuant to this act, the commissioner may, subject to the approval of the court, borrow money and execute, acknowledge and deliver notes or other evidences of indebtedness therefor, and secure the payment of the same by the mortgage, pledge, assignment, transfer in trust or hypothecation of any or all of the property of  such insurer, whether real, personal or mixed, and the commissioner, subject to  the approval of the court, shall have power to take any and all other action  necessary and proper to consummate any such loans and to provide for the  repayment thereof.  The commissioner shall be under no obligation personally or  in his official capacity as commissioner to repay any loan made pursuant to  this act.

     L.1975, c. 113, s. 24, eff. June 3, 1975.