Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:9A-283. Objections to allowance of claims by commissioner The Superior Court shall have jurisdiction, on notice to the commissioner, to hear and to determine, in a summary manner or otherwise, objections to a claim or claims allowed against the bank by the commissioner, when s…

17:9A-284. Distribution A. The proceeds of the liquidation of the assets of a bank, the property and business of which the commissioner has taken possession, shall be distributed according to the priorities and preferences provided by chapter 14 of Title 14A, Corporations, Genera…

17:9A-285. Corporate dissolution Upon the filing of the certificate in the department pursuant to subsection C of section 284, the bank shall be dissolved, and its corporate rights, privileges and franchises shall be terminated. A copy of the certificate, certified by the commiss…

17:9A-286. Unclaimed funds; publication; disposition A. Within nine months from the date of the order authorizing a final liquidating dividend, the commissioner shall cause a notice to be published in at least one newspaper selected as in section 280 provided, containing the name…

17:9A-287. Unclaimed funds held under prior law Unclaimed funds held by the commissioner, pursuant to any prior law of this State, in trust for the several persons entitled thereto in the case of a bank fully liquidated by the commissioner prior to the effective date of this act,…

17:9A-288. Unclaimed funds; costs The costs of proceedings taken pursuant to sections 286 and 287 shall be charged ratably by the Clerk of the Superior Court against the funds so deposited in the court. L.1948,c.67,s.288.

17:9A-289. Unclaimed funds; escheat Sections 286 and 287 shall not relieve the commissioner of any duty or responsibility imposed upon him by Chapter 199, Laws of 1945, as now or hereafter amended or supplemented, in respect to any bank the property and business of which he is in…

17:9A-29. Appointment by court or officer of qualified bank as fiduciary A. A court or officer with power to appoint a fiduciary, may appoint a qualified bank. B. When a qualified bank, named in a fiduciary capacity in any instrument, shall, before its appointment and qualificati…

17:9A-290. Demand by commissioner for removal of property and contents of safe deposit boxes The commissioner may, after he has taken possession of the property and business of a bank, cause to be mailed to each person claiming to be, or appearing on the books of the bank to be, …

17:9A-291. Inventory and storage of property not removed A. If property shall not be removed as provided in section 290, the commissioner shall cause such property to be inventoried, and, to that end, shall cause each space, safe, vault, or safe deposit box, and each package in t…

17:9A-292. Delivery of property to claimants At any time prior to the sale, destruction or other disposition of the contents of a package pursuant to sections 293, 294 and 295, the person in whose name such package stands may require its delivery upon payment of all charges or re…

17:9A-293. Sale of unclaimed property If, after the expiration of one year from the time of mailing the notice pursuant to section 290, there shall remain any unclaimed property, the commissioner shall offer it for sale at public auction upon such terms and conditions as he shall…

17:9A-294. Notice of auction At least sixty days notice of a public auction to be held pursuant to section 293 shall be given by registered mail to each person claiming to have or appearing on the books of the bank to have an interest in the unclaimed property. Notice of the auct…

17:9A-295. Disposition of unsold property If any property offered for sale at public auction pursuant to section 293 shall not be sold, the commissioner may, without notice, apply to the Superior Court for leave to sell such property at private sale, and upon failure to find a pu…

17:9A-296. Liability of third person No bank or other depositary to which any property is delivered by the commissioner for safe-keeping pursuant to this article, and no purchaser at any auction or private sale held pursuant to this article, shall be liable or accountable to any …

17:9A-297. Other remedies The provisions of sections 290 to 296 shall not affect or preclude any other remedy for the enforcement of the claims or rights of the commissioner, or of a bank of whose property and business he is in possession, against the person in whose name any pro…

17:9A-298. Application of article to property held under prior law If the commissioner shall heretofore have taken possession of the business and property of any bank pursuant to the provisions of law then existing, and he (1) shall have given the notice then prescribed to the ow…

17:9A-299. Determination whether commissioner or agent shall wind up affairs When the commissioner has paid in full the claims of all persons, other than stockholders, entitled to share in the distribution of the proceeds of the liquidation of the assets of a bank, other than a s…

17:9A-3. Incorporation; certificate of incorporation; officers, directors and employees as incorporators Incorporation; certificate of incorporation; officers, directors and employees as incorporators. A. Seven or more persons, of full age, may incorporate a bank on the terms and…

17:9A-30. Security prerequisite to action as fiduciary A. When a qualified bank is named as a fiduciary in any will or other instrument, it shall not be required to give any security for the performance of its duties as such fiduciary, unless the will or other fiduciary instrumen…

17:9A-300. Election of agents; powers; vacancies A. If, at a meeting of stockholders held pursuant to section 299, the holders of a majority of the stock shall vote, in person or by proxy, that liquidation be completed by an agent or agents elected by the stockholders, the stockh…

17:9A-301. Continuance of liquidation by commissioner If, at a stockholder's meeting held pursuant to section 299, the stockholders vote to have liquidation continued by the commissioner, the commissioner shall continue with the liquidation, and shall wind up the affairs of the b…

17:9A-302. Liability of commissioner The commissioner shall not be subject to any civil liability or penalty nor to any criminal prosecution for any error in judgment or discretion in any action taken or omitted by him in good faith under the provisions of this article. L.1948,c.…

17:9A-303. Refusal or failure of commissioner to take possession; jurisdiction of the Superior Court; appointment of receiver A. When a bank is insolvent or has suspended its business for lack of funds to carry it on, a creditor or stockholder may serve a written demand upon the …

17:9A-304. Acceptance of loans from federal government While in possession of the business and property of a bank pursuant to the provisions of this article, the commissioner, or a receiver or receivers appointed pursuant to section 303, may, in the name of the bank, apply for an…

17:9A-305. Continuance of banking advisory board The banking advisory board heretofore created and established in the department is continued, subject to the provisions of this act. L.1948,c.67,s.305.

17:9A-306. Members; qualifications The board shall consist, as heretofore, of the commissioner, who shall be ex officio the chairman of the board, and nine other members appointed by the Governor with the advice and consent of the Senate, as hereinafter provided. Any appointed me…

17:9A-307. Term of office; removal; vacancies A. The members of the banking advisory board appointed prior to the effective date of this act shall continue in office for the terms for which they were last appointed. B. Subject to the provisions of subsection A of this section, an…

17:9A-308. Expenses of members The members of the banking advisory board shall serve without compensation, but shall be reimbursed for their actual and necessary expenses in attending meetings of the board. All claims for reimbursement shall be submitted in the form and manner pr…

17:9A-309. Meetings; quorum A. The board shall meet at least bimonthly at such times and places in the State as it may determine. The commissioner may call such other meetings as he may deem necessary, and he shall call a meeting when requested by two or more members of the board…

17:9A-31. Security fund A. A qualified bank may create a fund to be held as security for the performance of its obligations in fiduciary capacities for which security shall be required, except those for which other security is given or for which a will or other fiduciary instrume…

17:9A-310. Secretary; appointment, qualifications and duties The board shall elect a secretary who may be an employee of the department, but who shall receive no extra compensation for serving as secretary. The secretary shall keep an accurate record of all meetings of the board,…

17:9A-311. Powers of the banking advisory board A. In addition to the powers elsewhere in this act conferred upon it, the banking advisory board shall have power, by two-thirds vote of its members, (1) to make recommendations to the commissioner upon any matter relating to the du…

17:9A-312. Access to departmental records; information confidential For the purpose of discharging its duties, the board shall have access to all records in the department, including reports and confidential communications, but each member of the board shall treat all information…

17:9A-313. Liability of members No member of the board, including the commissioner, shall be personally liable for any act done or omitted in connection with the performance of his duties under this article. L.1948,c.67,s.313.

17:9A-314. Report to Governor The board shall submit to the Governor annually, on or before December 1, a report of the activities of the board during the period from the last prior report. L.1948,c.67,s.314.

17:9A-316. Limitations on transaction of business by foreign banks in this State 316. A. Except as otherwise provided pursuant to section 1 of P.L.1989, c.245 (C.17:9A-19.2) and sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467), no foreign bank organized …

17:9A-316.1. Merger or consolidation, foreign bank acting as fiduciary as successor to party to Nothing in section three hundred sixteen of chapter sixty-seven of the laws of one thousand nine hundred and forty-eight (The Banking Act of 1948) shall prevent a foreign bank, which r…

17:9A-316.2. Validation of fiduciary acts by foreign banks resulting from merger or consolidation Any fiduciary act, including but not by way of limitation, any conveyance of real property situated in this State, heretofore done by any foreign bank which resulted from a merger or…

17:9A-316.3. Investment in common trust funds by foreign bank under certain circumstances 1. A foreign bank authorized by section 316 of P.L.1948, c.67 (C.17:9A-316) to act as trustee, fiduciary, executor, testamentary trustee or guardian may, when acting in such capacity, invest…

17:9A-317. Qualification of foreign bank as fiduciary 317. As a prerequisite to its qualification in any fiduciary capacity specified in section 316, in any court of this State, a foreign bank shall present to the court a certificate of the commissioner certifying that it is auth…

17:9A-318. Application for certificate of authority 318. A foreign bank desiring to secure a certificate of authority to transact business in this State shall make application to the commissioner therefor and file with the application (1) a copy of its certificate of incorporatio…

17:9A-319. Issuance, denial of certificate of authority 319. A. Within 60 days following the receipt of the application of a foreign bank for a certificate of authority to transact business in this State, the commissioner shall issue the certificate or make an order denying the a…

17:9A-32. Recourse to security fund Recourse may be had to the fund created pursuant to section thirty-one upon application to the Superior Court, upon such notice as it shall direct, which shall include notice to the depositing bank, following the entry of a judgment against the…

17:9A-322. Certificate of authority to continue in force 322. A certificate of authority issued to a foreign bank shall continue in force, unless revoked by the commissioner or surrendered by the foreign bank. The commissioner may adopt regulations establishing requirements for p…

17:9A-325. Additional statements by and examinations of foreign banks A. So long as a foreign bank shall be obligated in any manner with respect to any estate or trust administered under the laws of this State, the commissioner may, whenever and as often as he shall deem it advis…