N.J. Stat. § 17:9A-131.23: Unsecured indebtedness; claims subordinate to depositors and creditors; liquidation

The indebtedness evidenced by capital notes shall be unsecured and shall be subordinate to the claims of depositors and other creditors of the bank, regardless whether such claims predate or postdate the issuance of such notes. Upon the liquidation of the bank, depositors and other creditors shall be entitled to payment in full before any payment on account of principal or interest is made on such capital notes.

L.1966, c. 272, s. 4.