New Jersey Statutes 17:12B-141. Application of withdrawal value to indebtedness
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Terms Used In New Jersey Statutes 17:12B-141
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
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.