New Jersey Administrative Code
Title 3 - BANKING
Chapter 11 - INVESTMENTS
Subchapter 7 - LIMITATION OF LIABILITY TO A BANK, SAVINGS BANK OR STATE ASSOCIATION
Section 3:11-7.6 - Accommodation endorser or guarantor
Universal Citation: NJ Admin Code 3:11-7.6
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The liability of an endorser or guarantor who does not receive any of the proceeds of a loan from a bank is not to be considered as an obligation of such endorser or guarantor for purposes of computing his limitation on liability to a bank under 17:9A-62.
(b) The liability of an endorser or guarantor is to be considered as an obligation of such endorser or guarantor when he has obtained a loan or has sold or discounted the paper.
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