38:23B-14.4 - Guaranteed loans; purchase of notes on default - New Jersey Statutes

38:23B-14.4.  Guaranteed loans;  purchase of notes on default
    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.