18:26-11.2 Executors and trustees to pay tax

N.J.A.C. 18:26-11.2 (2014)
§ 18:26-11.2 Executors and trustees to pay tax

   (a) An executor, administrator or trustee is not permitted to turn over any property subject to an executory devise, an estate in expectancy of any kind or character which is contingent or defeasible, or a power of appointment unless the New Jersey Inheritance Tax and the New Jersey Estate Tax including any interest due has been first paid to the Director.

(b) Any executor, administrator or trustee who transfers such property prior to having paid the tax and interest, if any, chargeable, becomes personally liable to the extent of all the assets of the estate subject to his control, for the payment of the tax including interest which is due on such transfers.