(a) Neither the state nor the Treasurer shall be liable to any eligible lending institution in any manner for payment of the principal or interest on the linked deposit loan to an eligible borrower.
(b) Any delay in payments or any default on the part of the eligible borrower does not in any manner affect the linked deposit participation agreement between the eligible lending institution and the Treasurer.
Structure Code of Alabama
Chapter 14 - State Funds Generally.
Article 3 - Linked Deposit Program of 2007.
Section 41-14-50 - Short Title; Legislative Intent.
Section 41-14-51 - Definitions.
Section 41-14-52 - Creation and Administration of Program.
Section 41-14-53 - Applications for Loans; Linked Deposit Package.
Section 41-14-54 - Terms of Linked Deposits.
Section 41-14-55 - Loan Rates.
Section 41-14-56 - Liability of State and Treasurer ; Delays in Payments.