Title 3B, Title 3B: ADMINISTRATION OF ESTATES--DECEDENTS AND OTHERS

3B:20-28. Deposit of securities by fiduciary Notwithstanding any other provision of law, a fiduciary holding securities in a trust estate, or any banking institution holding securities as a custodian or managing agent, or as custodian for a fiduciary, is authorized to deposit or …

3B:20-29. Merger of certificates deposited When securities are deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities deposited in the cle…

3B:20-3. Corporate fiduciary may register securities in name of nominee without disclosing fiduciary capacity Any bank may, when acting as sole fiduciary or when acting as cofiduciary, with the consent of a cofiduciary or cofiduciaries, cause any certificates for shares of stock,…

3B:20-30. Records of securities deposited The records of the fiduciary and the records of a banking institution acting as custodian, as managing agent or as custodian for a fiduciary, shall at all times show the name of the party for whose account the securities are deposited. L.…

3B:20-31. Transfer of ownership in securities deposited Ownership of, and other interests in, securities deposited may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities. L.1981, c. 40…

3B:20-32. Rules and regulations governing banking institutions A banking institution depositing securities pursuant to this article shall be subject to rules and regulations as, in the case of State chartered institutions the Commissioner of the Department of Banking and, in the …

3B:20-33. Certification of securities deposited A banking institution acting as custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary securities deposited by the banking institution in a clearing corporation for the account of the fiduci…

3B:20-34 Application of article 3B:20-34. Application of article. This article shall apply to any fiduciary holding securities in its fiduciary capacity, and to any banking institution holding securities as a custodian, managing agent or custodian for a fiduciary, acting on Janua…

3B:20-35. Construction of article Nothing contained in this article shall be construed as relieving a fiduciary depositing securities as authorized herein from the duty to account for all securities so deposited. L.1981, c. 405, s. 3B:20-35, eff. May 1, 1982.

3B:20-4. Corporate fiduciary liable for loss caused by acts of nominee The fiduciary or fiduciaries shall be liable for any loss caused by the acts of the nominee with respect to securities registered as provided in N.J.S. 3B:20-3. L.1981, c. 405, s. 3B:20-4, eff. May 1, 1982.

3B:20-5. Limitation on authority to register securities in name of nominee A fiduciary or fiduciaries may not register securities in the name of a nominee where any will, trust instrument or any order appointing or relating to any fiduciary or fiduciaries prohibits securities fro…

3B:20-7 Directions of court concerning the sale, conversion or retention of investments 3B:20-7. Directions of court concerning the sale, conversion or retention of investments. When securities or other property come into possession of a fiduciary as part of the assets of the tru…

3B:20-8 Protection afforded fiduciary continuing investments under court order 3B:20-8. Protection afforded fiduciary continuing investments under court order. A fiduciary shall not be held accountable for any loss by reason of continuing to hold the trust assets in accordance wi…

3B:20-9 Application to court upon change in conditions 3B:20-9. Application to court upon change in conditions. If, as a result of a change in conditions which occurs or which may be reasonably foreseen, the objects of the trust estate may be defeated in whole or in part by the i…

3B:21-1. Removal of property from the State When a ward or a cestui que trust, or all the cestuis que trustent in esse, is or, all of them, are nonresidents of this State and is or are entitled to personal or real property in this State and the guardian or trustee received his le…

3B:21-2. Meaning of term "personal property" The term "personal property" as used in this chapter shall include, but without limitation, property or money or any devise or distributive share, interest, trust fund or trust property in the hands of a fiduciary residing or acting in…

3B:21-3. Proof of authority of, and giving of security by, guardian or trustee In any action brought pursuant to N.J.S. 3B:21-1, the court shall be satisfied by proof that the guardian or trustee is authorized and qualified to act in the state or country to which the money or oth…

3B:21-4. When removal will be denied Property belonging to any cestui que trust or ward shall not be removed or transferred where it would conflict with the terms, limitations or conditions attending his right to the property, whether they are created by will, trust or any other …

3B:21-5. Effect of judgment for removal and transfer The delivery, transfer or payment of property or money pursuant to a judgment entered in accordance with this chapter shall be a legal discharge and acquittance for the delivery, transfer or payment of property or money, but if…

3B:22-1. Waiver of statutes of limitations Unless an estate is insolvent the personal representative may, but only with the consent of all successors, waive any defense of limitations available to the estate. If the defense is not waived, no claim which was barred by any statute …

3B:22-10. Presentation of claim Where the assets of an estate exceed the amount needed to pay claims presented within the time limited pursuant to N.J.S. 3B:22-4, a claimant, who has failed to present his claim within the time so limited, may present the claim, in the form requir…

3B:22-11. Acceptance or rejection of claim The personal representative shall, if satisfied that the claim is correct and should be paid, pay the claim or so much thereof as the amount of the assets available for distribution will permit. If not satisfied with the correctness ther…

3B:22-12. Action on unrejected claim If a personal representative fails to pay a claim presented pursuant to N.J.S. 3B:22-11, the claimant may bring an action against the personal representative to recover on his claim in any court of competent jurisdiction. L.1981, c. 405, s. 3B…

3B:22-13. Failure to sue after notice to perfect claim; claim debarred If a creditor fails to commence an action upon his claim within 1 month after being notified to establish the claim by judgment, as provided by N.J.S. 3B:22-11, he shall be thereafter forever barred from any a…

3B:22-14 Direction of court before paying claims not presented within 9-month period. 3B:22-14. Direction of court before paying claims not presented within 9-month period. A personal representative may not be compelled to pay any claim not presented within the period limited pur…

3B:22-15. Failure to file refunding bond; presumption that devise or distributive share remains unpaid In an action by a creditor against a personal representative, for the payment of a ratable proportion of his debt, it shall be presumed that the assets of the estate due a devis…

3B:22-16. Action upon refunding bond of devisee or heir A claimant against an estate who has failed to present his claim in due form within the time required, may bring an action in his own name without leave of court on a refunding bond given by a devisee or heir and recover the…

3B:22-17. Defense to action on fiduciary's bond in certain cases A fiduciary, who has received a devise or distributive share from a personal representative and has given a refunding bond therefor, may set up in absolute bar to an action on the bond, that he has lawfully paid out…

3B:22-18. Action on refunding bond of ultimate devisee or heir A creditor may sue on a bond taken by a fiduciary pursuant to N.J.S. 3B:22-17, in the same manner and with like effect as if the original personal representative had made payment or distribution directly and had taken…

3B:22-19. Assets being administered here subject to claims established wherever personal representative appointed All assets of estates being administered in this State are subject to all claims and charges existing or established against the personal representative wherever appo…

3B:22-2 Order of priority of claims when assets insufficient. 3B:22-2. If the applicable assets of the estate are insufficient to pay all claims in full, the personal representative shall make payment in the following order: a. Reasonable funeral expenses; b. Costs and expenses o…

3B:22-20. Payment of claims where assets insufficient If the estate either in this State or as a whole is insufficient to cover all claims and prior charges, each claimant whose claim has been allowed either in this State or elsewhere in administrations of which the personal repr…

3B:22-21. Payment of claims allowed in this State out of local assets; delivery of surplus assets to domiciliary personal representative In case the claims and prior charges of the entire estate exceed the total value of the portions of the estate being administered separately an…

3B:22-22. Real property liable only 1 year for debts The real property of any person who shall die seized thereof or entitled thereto shall be and remain liable for the payment of his debts for 1 year after his decease, but may be sold free from liability for payment of debts by …

3B:22-23. Time not extended by general words in will The period of 1 year fixed in N.J.S. 3B:22-22, shall not be deemed to be extended by any directions in a will that just debts be paid. Any charge upon real property created by any directions in a will that just debts be paid sh…

3B:22-24. Article not to affect liability of heirs or devisees Nothing contained in this article shall affect any liability of heirs and devisees under article 8 of this chapter. L.1981, c. 405, s. 3B:22-24, eff. May 1, 1982.

3B:22-25. Sale of property subject to escheat to pay debts In any case where property may be subject to escheat to the State, proceedings to sell the property to pay debts may be taken as provided in this article. L.1981, c. 405, s. 3B:22-25, eff. May 1, 1982.

3B:22-26. Direction of court as to sale If it shall appear to the satisfaction of the court that property of which a decedent died seized or possessed is subject to escheat to the State and that it is necessary to sell the property in order to pay debts of the decedent, the court…

3B:22-27. Estate passed by sale or conveyance A sale or conveyance of property directed to be sold by the court, as provided in N.J.S. 3B:22-26, when made by a personal representative, shall vest in the purchaser all the estate of which the decedent was seized or possessed at the…

3B:22-28. Effect of confirmation When property is sold pursuant to N.J.S. 3B:22-26 and the sale is confirmed by the court directing the sale, the judgment or order confirming the sale or a certified copy thereof shall be conclusive evidence in all courts of the validity of the pr…

3B:22-29. Accounting; surplus from sale payable to State Treasurer After accounting duly made by the personal representative and after the payment of debts and just expenses, fees and commissions of every sort, if no heirs at law of the decedent, to whom distribution may be made …

3B:22-3 Abatement for purpose of paying claims and debts. 3B:22-3. The property of a decedent's estate shall abate for the purposes of paying debts and claims in the order prescribed in N.J.S.3B:23-12. Amended 2004, c.132, s.83.

3B:22-30. Distribution by State Treasurer; proof of claim required of claimants After payment to the State Treasurer, no distribution of the surplus shall be made to any heir or other person interested in the property from the sale of which the surplus so paid over to the State T…

3B:22-31. Payment of share to established claimant; State Treasurer released as to subsequent claimants; recovery by claimant from distributee After the State Treasurer has made payment to any person or persons in accordance with the declaratory judgment, as provided in N.J.S. 3B…

3B:22-32. Distribution among creditors to be pro rata; preferred debts excepted If the estate of a decedent is insufficient to pay his debts, his estate shall be applied to the preferred expenses and debts in accordance with N.J.S. 3B:22-2, and the balance shall be distributed am…

3B:22-33. Claims not presented in time barred; exception; extension of time If an estate is adjudged insolvent, any creditor who fails to exhibit his claim to the personal representative within the time limited and prescribed by N.J.S. 3B:22-4 shall be forever barred from prosecu…