The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-07-14

personal estate, WlGn SuCn Surotl6S as TINS
chancellor or a justice of the supreme
court may approve, conditioned for the
payment of said taxi and interest thereon.
at such time or period as they or their
representatives may come into the actual
possession or enjoyment of such property,
which bond shall be filed in Office of the
clerk in chapcery: provided further. that
such person shall make a full verified re-
turn OF such property to the chancellor of
the state and HE the same in the Office of
the clerk in chancery within n year
from the death of the decedent. and with
in that period snter into such security
and renew the same every five years.
8. And be 1t enacted, That whenever a
deoedent appoints or names n or more
executors or trustees. u makes q be-
quest or devise of properly TO them in lieu
of their commissions or allowances, which
otherwise would be liable to said tax, or
appoints them his residuary legatees, and
said bequest, devises or residuary legacies
exceed what would be a reasonable COM
pensation for their services. such excess
snail be liable to said tax, and the chan
cellor or the orphans court having juris-
diction in the case shall fix such compen-
sation.
4. And be it enacted, That all taxes Inn
posed by this act. unless otherwise herein
provided for. shall be due q payable at
the death of the testator. srantor or in
te,tate. as the case may be, aud if the
same are paid within n year, interest
at the rate of six per centum per annum
shall be charged and collected thereon.
but If not SO paid, interest at the rate of
ten per centum per annum shall be
charged and collected from the time said
tax accrued; provided, that IL said tax is
paid within six months from the accruing
thereof. interest shall not he charged or
collected thereon, but a discount of five
per centum shall be allowed II deducted
from said tax; and in all cases where th e
executors, administrators or trustees 90
not pay such tax within one year from
the death Of the decedent. they shall be
required to give a bond, In the form aud
to the effect prescribed in section TWO of
this act. for the payment of said tax, to-
gether with interest.
s.. And be it enacted, That the penalty
OF ten per centum per annum imposed by
section four hereof for the non-payment
of said tax shall not be charged, where In
eases by reason of claims mad upon the
estate, necessary litigation or other I'M
%avoidable cause Of delay, the estate of any
decedent, or a part thereof, cannot be
settled at the end OF a year from the
death of the decedent, and in such cases
only six per centum per annum shall be
charged upon the said tax from the eX-
piration of such year until the cause of
SuCn delay Is removed.
6. And be 1t enacted, That any admin
istrator, executor, or trustee having In
charge or trust any legacy or property for
distribution, subject to the said tax, shall
deductt the lax thererrom, or IL the legacy
or property be not money, he shall collect
the tax thereon upon the appraised value
thereof from the Iegatee or person en-
titled TO such property, and he shall not
deliver. or be compelled to deliver. any
GnnNIfIR IaronU nr nrnnnrtn Gnh-
jet to tax to n person until
he shall have collected the tax thereon;
and whenever n sue legacy shall
be charged upon or payable out of real
estate, the heir or devisee. before paying
the same, shall deduct said tax there
from. mi a the same to the executor,
administrator or trustee. and the same
shall remain q charge on such real estate
until paid, and the payment thereof shall
be enforced by the exec tor, administra-
tor or truStee lin the same that
the payment of such legacy might be en-
forced; il, however, such legacy be given
in money to any person for u limited
period, he shall retain the tax upon the
whole amount, but Ii it be not in money.
he shall make application to the court
having jurisdiction of his accounts, to
make an Rpportionment, II the case re-
quire it, of the sum to be paid into his
hands by such legatees, n for such
further order relative thereto as the case
may require.
z. And be 1t enacted. That all execu-
tors. administrators and trustees shall
have full power TO sell 80 much Of the
property of the decedent as will enable
them to pay said tax, in the same manner
as they may be enabled by law to do for
the payment Of debts of their testators
and intestates, aud the amount of said
tax shall be paid as hereinafter directed.
O ri h. "a ~...-A nhaN a~rr -
money retained by any executor, admin
istrator or trustee, or paid Into his hands
for any tax or any property, shall be paid
ny him, within thirty days thereafter, to
the treasurer Of the State of New Jersey;
and the said treasurer shall give, aud
shalt take duplicate receipts from him Of
payment, q of which receipts he shall
Immediately seud to the comptroller Of