N.Y. Banking Law 661 – Officer or agent of banking corporation or a private banker making guaranty or endorsement beyond the legal limit
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§ 661. Officer or agent of banking corporation or a private banker making guaranty or endorsement beyond the legal limit. An officer or agent of any banking corporation, or a private banker or his agent, who makes or delivers any guaranty or indorsement on behalf of such corporation or private banker, whereby such corporation or private banker may become liable on any of its or his discounted notes, bills or obligations, in a sum beyond the amount of loans and discounts which such corporation or private banker may legally make, is guilty of a misdemeanor.
Terms Used In N.Y. Banking Law 661
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.