17:9A-213.1 - Limitation on powers of banks, savings banks
17:9A-213.1 Limitation on powers of banks, savings banks.213.1. Except as in this act or otherwise by law provided, and except for letters of credit issued pursuant to N.J.S.12A:5-101 et seq., no bank or savings bank shall have power to guarantee the obligations of others; or to insure or indemnify against the acts, omissions, undertakings, liabilities or losses of others.
L.1948,c.67,s.213.1; amended 1997, c.395, s.11.