N.J. Admin. Code § 3:11-7.6

Current through Register Vol. 56, No. 17, September 3, 2024

Section 3:11-7.6 - Accommodation endorser or guarantor

(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.