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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 369

previous next Effective - 28 Aug 1971bottom

  369.264.  Lending association not liable to borrower or others for defective final product, when. — An association which makes a loan, the proceeds of which are used or may be used by the borrower to finance the design, manufacture, construction, repair, modification or improvement of real or personal property for sale or lease to others, shall not be held liable to the borrower or to third persons for any loss or damage occasioned by any defect in the real or personal property so designed, manufactured, constructed, repaired, modified or improved, or for any loss or damage resulting from the failure of the borrower to use due care in the design, manufacture, construction, repair, modification or improvement of such real or personal property, unless the association has knowingly been a party to misrepresentations with respect to such real or personal property.

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(L. 1971 S.B. 3 § 52)


---- end of effective   28 Aug 1971 ----

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