Friday, August 1, 2014
18:26-11.19 Transfer of collateral
§ 18:26-11.19 Transfer of collateral
(a) A State bank, State banking association, trust company, national bank, national banking association, safe deposit company or other institution, having in its possession, custody or control, securities or other assets pledged as collateral for a loan of a decedent, may, for the purpose of liquidating a loan or other debt due from a resident decedent:
1. Transfer such collateral from the name of the decedent to its own name upon receiving the written consent of the director; or
2. Sell such collateral to satisfy a loan of a decedent without the written consent of the director, except that where the collateral pledged consists of the stock of a New Jersey corporation, such stock cannot be transferred on the books of such corporation without the written consent of the director. Where any excess moneys are received from a sale, the written consent of the director must be obtained before delivery of such excess money to a proper party in interest; or
3. Deliver any collateral to the executor or administrator of a decedent upon full payment of the loan or debt without the written consent of the director.
18:26-11.18 Funds held in bank accounts
§ 18:26-11.18 Funds held in bank accounts
(a) Bank accounts: Where funds are held on deposit in any bank to the credit of a person and payable on the death of such person to a named beneficiary, upon the death of the named beneficiary, no waiver is required to transfer or release the funds to such person, however, a waiver is required to transfer or release such funds to the beneficiary upon the death of the principal.
(b) Double dollar accounts: Where, upon the death of a decedent having funds on deposit to his credit, individually, in a joint account with right of survivorship or trustee account, in a banking institution located in New Jersey, there is credit to the account the proceeds of a life insurance contract, the consent of the director is required to release the amount on deposit after credited thereto the proceeds of the life insurance policy. In order to determine the taxability thereof, the type of account is to be indicated on the return.
18:26-11.17 Funds held in a banking institution
§ 18:26-11.17 Funds held in a banking institution
Except as otherwise indicated in this chapter, unless a waiver is first obtained, no banking institution, trust company or safe deposit company organized under the laws of the State of New Jersey; national bank operating in the State of New Jersey; building and loan or savings and loan association organized under the laws of the State of New Jersey; credit unions chartered by the United States operating in the State of New Jersey; or corporation, or person may release or transfer any funds, securities, deposits or other assets belonging to or on deposit to the credit of a decedent whether held:
1. In the name of the decedent individually, as co-depositor, jointly, trustee, agent, cestui que trust, or in any other capacity, excepting when held as custodian for a minor pursuant to N.J.S.A. 46:38-1 et seq.; or
2. As rental security deposits under the provisions of N.J.S.A. 47:8-19 [46:8-19] et seq.
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