Liability secured by own stock

N.J.S.A. 17:9A-211, under Chapter 9A.

N.J.S.A. 17:9A-211

17:9A-211. Liability secured by own stock

No bank shall permit the incurring of any liability to it on the security of shares of its own capital stock; but a bank may take shares of its own capital stock as security or additional security for a debt previously contracted in good faith. L.1948, c. 67, p. 349, s. 211.