N.J. Admin. Code § 3:6-6.5

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:6-6.5 - Maintenance of loan records in bank$DQ$s trust department

(a) Participations of each account in the loan must be reflected in the securities record of each account in the bank's trust department.

(b) A participation record for each account must be also maintained and a check must be made each time a change in the amount of the loan occurs to assure that these participation records are in balance with the outstanding amount of the note.

(c) The bank may not participate in the loan for its own account, nor may it acquire such a participation.

N.J. Admin. Code § 3:6-6.5