Iowa Code 12.39 – Liability
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 12.39
- Eligible borrower: means any person who is qualified to participate in one of the programs in this section and sections 12. See Iowa Code 12.32
- Eligible lending institution: means a financial institution that is empowered to make commercial loans and is eligible pursuant to chapter 12C to be a depository of state funds. See Iowa Code 12.32
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
The state and the treasurer of state are not liable to an eligible lending institution in any manner for payment of the principal or interest on the loan to an eligible borrower. Any delay in payments or default on the part of an eligible borrower does not in any manner affect the investment agreement between the eligible lending institution and the treasurer of state.