On January 20, 1994 at 0900 hours eastern standard time, a Mitsibushi MU-3, N306P sustained substantial damage after braking action was lost during landing roll at Teterboro Airport, Teterboro, New Jersey. The airplane departed off the southwest corner of runway 24 during landing roll. The certificated airline transport pilot, the co-pilot, and the three passengers were not injured. The business flight was being operated by Chattem, Incorporated of Chattanooga, Tennessee under the provisions of 14 CFR Part 91 at the time of the accident. Visual meteorological conditions prevailed and an instrument flight rules flight plan was filed. The airplane departed Chattanooga about 0714 hours and was arriving at its destination when the accident occurred. The pilot reported that the approach and landing was "normal." He said the aircraft slowed and from 80 knots to 40 knots "braking action was poor." He stated that by this time, it was too late for a go-around. At 40 knots, the airplane did not seem to be slowing and the brakes were not effective. As the end of the runway was getting closer, the pilot elected to steer the airplane off the runway into a snow bank to avoid colliding with the runway's approach lights. According to an FAA safety inspector, a notice to airmen (NOTAM) was in effect at the time. In part the NOTAM reported 1/2 inch of snow and ice on runways 6 and 24 and poor airplane braking for all types aircraft. The FAA reported the same report was on the airport's automatic terminal information service (ATIS) tape and the same information was being provided by the air traffic control tower controller.