17:9A-131.23 - Unsecured indebtedness; claims subordinate to depositors and creditors; liquidation - New Jersey Statutes

17:9A-131.23.  Unsecured indebtedness;  claims subordinate to depositors and  creditors;  liquidation
    The indebtedness evidenced by capital notes shall be unsecured and shall be  subordinate to the claims of depositors and other creditors of the bank, regardless whether such claims predate or postdate the issuance of such notes. Upon the liquidation of the bank, depositors and other creditors shall be entitled to payment in full before any payment on account of principal or interest is made on such capital notes.

     L.1966, c. 272, s. 4.