New Jersey § 17:9a-63
Full text of New Jersey New Jersey Statutes § 17:9a-63, with citation guidance and answers to common questions.
§ 17:9a-63.
A. A bank or savings bank shall not be in violation of this article if the loans and extensions of credit to a person incurred under any prior law repealed or superseded by this act exceed the
limitations imposed by this article. 1 B. A bank or savings bank shall not be in violation of this article if, at any time when a bank or savings bank makes a loan or extension of credit to a person , the total loans and extensions of credit to such person, including the loan or extension of credit then made , do not or did not exceed the limitations imposed by this article, notwithstanding
that, subsequent to the making of any such loan or extension of credit , circumstances other than the making of an additional loan or extension of credit , cause the total loans and extensions of credit to such person to exceed the limitations imposed by this article. C. Notwithstanding any provision of this article, a bank or savings bank may, with the prior approval of the commissioner, do any act necessary to preserve
or protect any loan or extension of credit , obligation or investment held by it, or any security for such loan or extension of credit or obligation, even though such act causes the total loans and extensions of credit to any person to exceed the limitations imposed by this article; provided, that in
no case shall the commissioner approve any act pursuant to this subsection which would
cause the total loans and extensions of credit to any person to exceed the limitations imposed by this article by more than fifty percent of such limitations. 1
N.J.S.A. §§ 17:9A-60 to 17:9A-63.
Frequently Asked Questions About New Jersey § 17:9a-63
What does New Jersey Statutes § 17:9a-63 cover?
Section 17:9a-63 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 17:9a-63?
A common citation format is "New Jersey Statutes § 17:9a-63" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:9a-63 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.