New Jersey Statutes 18A:71C-42. Death or permanent disability of participant
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Terms Used In New Jersey Statutes 18A:71C-42
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
18A:71C-42. In case of a program participant’s death or total and permanent disability, the authority or its designee shall nullify the service obligation of the program participant. The nullification shall terminate the authority’s obligations under the loan redemption contract, except in the event that a program participant’s death or total and permanent disability occurs during the second year of service, the authority shall not require repayment of the prior redeemed portion of indebtedness. When continued enforcement of the contract may result in extreme hardship, the authority or its designee may nullify or suspend the service obligation of the program participant.
Amended 2009, c.145, s.12.