The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1894-08-07

son, the husband OF daughter, shall be subject
to tax OF five dollars on every hundred dollars
of the clear market value of such property to be
paid to the treasurer of the state of New Jersey,
for the of the state, and all administrators ex-
utors and trustees shall be liable for any and all
such taxes until the same shall have been paid as
hereinafter directed provided that an estate
which may be valued at a less sum than FIVE hum
dred dollars shall not be subject to said duty or
tax.
2, And be 1t enacted. That when any person
shall bequeath devise. convey, grant sell or
give aforesaid any property, interest therein
or income theretrom, to father, mother, hus-
band, wife, children, brother or sister, the widow
of a a lineal descendant, during life or for
a term OF years, and the remainder to collateral
heir of the dededent or to q stranger in blood, OF
to body polite or corporate the property so pass
ing shall be appraised Immediately after the death
of said testator or grantor, as the case may be- at
what shall then be the fair market value thereof,
in the manner hereinafter provided, and after de-
Quoting therefrom the value Of said life estate,
term of years. the tax prescribed by this act on
the remainder shall be Immediately due and paw
able to the treasurer of the state of New Jersey,
and. together with the interest thereon shall be
is paid provided that the person or persons, or
body polite or corporate benefciay interested in
the property chargeable with said tax. may elect
not to pay the same until they shall come into the
actual possession or enjoyment of such property,
or, and in that case, such person or persons, or
body polite or corporate, shall give bond to the
state of New Jersey in penalty three times the
amount of the tax arising npOn personal estate,
with such sureties as the chancellor NAV approye
conditioned for the payment of said tax and inte-
rest thereon, at such time period they or their
representatives may come into actual possession or
enjoyment OF such property, which bond shall be
filed in the office of the clerk in chancery; prOv-
ded further. that such person shall make a full
verified return of such property to the chancellor
Of the state and file the same in the office of the
clerk in ehancery within one year from the death
of the decedent, and within that period enter into
such security and renew the same every five years.
3. And be it enacted, That whenever decedent
appoints names or more executors or
trustees, and makes bequest or devise of property
n n 1lnw,r
which otherwise would be liable to said tax or APP
points them his residuary egatees, and said be-
quest, devses or residuary legacies exceed what
would be a reasonable compensation for their ser
vices. such excess shall be liable to said tax and
the chancellor or the orphans court having jurs-
dicti0n in the case shall fix such compensation.
4. And be it enacted, That all taxes imposed by
this act unless oth erwse herein provided for sha
be due and payable at che death of the testator
grantOr or interstate as the may be- and If the
same are paid within year, interest at the rate
of six per centum per annum shall be charged and
the rate of ten per centum per annum shall be
charged and collected from the time said tax ac-
crued; provided, that if said tax is paid within
nine months from the accruing thereof, interest
shall not be charged or collected thereon, but
discount of i've per centum shall be allowed and
deducted from said tax and in all cases where
the executors, administrators trustees do moi
pay such tax within one year from the death OF
the decedent, they shall be required to give
bond, in the form and to the effect prescribed in
section two of this act, for the. payment of said
tax, together with interest
g. And be it enacted, That the penalty of tel
per centum per annum imposed by section f0ul
hereof for the non payment of said tax shall moi
be charged, where in cases by reason of claims
made upon the estate, necessary litigation OF
other unavoidable cause of delay, the estate o.
any decedent, or part thereof cannot be sett ed
at the end of year from the death of the deceden
and in such cases only six per eentum per annum
shall be charged upon the said tax from the ex
piration of such year until the cause of such de-
lay is removed
g. And be it enacted, That any administrator
executor or trustee having in charge trust anC
legacy property for distribution subject to say
tax, shall deduct the tax therefrom If the Legacy
or property be not money, he shall collect the tai
thereon upon the appraised value thereof from
the legatee or person entitled to such property
and he shall not deliver or be compelled to deliver
any specific legacy or property subject to tax tt
any person until he shall have collected the tai
( thereon and whenever any such legacy shall b.
| charged upon payable out of real estate, thu
heir or devisee, before paying the same, shall de-
duct said tax therefrom and pay the same to thu
executor, administrator or trustee, and the SAINT
| shall remain a charge such real estate unit
paid, and the payment thereof shall be enforced
by the executor. administrator or trustee in tn,
same manner that the payment of such legacy
might be enforced; If, however, such legacy b.
given in money to any person for a limited period
he shall retain the tax upon the whole amount
but if it be not in money, he shall make applica-
ton to the court having Jurisdiction of his &C
counts to make an apportionment, if the case re-
quire it, of the sum to be paid into his hands BY
such egatees, and for such further order relative
thereto as the case may require
| Z. And be it enacted, That all executors, ad
minstrators and trustees shall have full power t
sell so much of the property of the decedent a
win enable them to pay said tax in the same man
ner they may be enabled by law to do for tht
payment of debts of their tesatOrs and intestates
and the amount of said tax shall be paid as here
matter directed.
g. And be it enacted, That any sum of money
retained by any executor, administrator or trustee
paid into his hands for any tax or any property
shall be paid by him, within thirty days thereafter
to the treasurer of the state of New Jersey anC
the said treasurer shall deliver receipt of sucl
my n RnmnfrOfiar
duty 1t shall be to countersign the same and re
turn it TO the executor, administrator or trustee
whereupoD it shall be proper voucher in the set
Element of his account, but an executor, admins
traitor trustee shall not be entitled to credit il
his accounts nor to be discharged from liability
for such tax unless he shall produce a receipt 81
countersgned by the comptroller, or a copy there
of certified by him.
8. And be it enacted, That whenever any o.
the real estate of which any decendent may die
seized shall pass to any body polite or cooperate
or to any persons other than the father, mother
husband wife, lawful issue brother or sister. wife
or widow of a son, or husband of daughter, OF
in trust for them. of them, it shall be the
duty of the executors, administrators or trustees
Of such decendent to give information thereof II
writing to the comptroller of the state within siS
months after they undertake the execution OF
their respective duties, or If the fact be not known
to them within that period, then within one month
after the same shall have come to their knowl-
edge.
TO- And be it enacted, That whenever any debts
shall be proven against the estate of decendent
after the payment of legacies or distribution OF
property from which the said tax has been deduct
ed, or upon which it has been paid, and refund
is made by the egatee devisee, heir or next of kin
proportion of the tax SO paid shall be repaid to
him by the executor, administrator or trustee, If
the said tax has not been paid to the state reRsur
err, or by them if 1t has been so paid
II. And be 1t enacted, That whenever any for
eign executor administrator shall assign or
transfer any stocks loans ia this state standing
in the name Of decendent, or in trust for de-
cendent, which shall be liable to the said tax, such
tax shall be paid to the state treasurer on the
transfer thereof, otherwise the corporation per-
hitting such transfer shall become liable to pay
such tax provided, that such corporation has
knowledge before such transfer that said stocks or
loans are liable to said tax.
u. And be it enacted, That when any amount of
said tax shall have been paid enormously to the
state treasurer, it shall be lawful for the comp
trOller of the treasury, on satisfactory PROOF rem
dered to him of such erroneous payments, to draw
his warrant the state treasurer, in favor of the
executor, administrator. person or persons who
have paid any such tax in error, or who may be
lawfully entitled to receive the same, for the
amount of such tax so paid In error; provided.
that all such applications for the repayment of
such tax, shall be made within two years from the
iS. And be it enacted, That in order to fix the
value of property of persons whose estates shall be
subject to the payment of said tax, the surrogate
or register of the prerogative court, the appli
cation of any interested party, or upon his own
motion, shall appoint some competent person as
appraiser often as, and whenever occasion may
require. whose duty it shall be forthwith to give
such notice by mail, and to such persons as the
surrogate register of the prerogative court may
by order direct, of the time and place he will ap-
praise such property, and at such time and place
to appraise the same its fair market value, and
make report thereof in writing to said surrogate
or register of the prerogative court together with
such other facts in relation thereto as said surr0
gate or register of the prerOgative court may by
order require. to be filed in the office of such sur
rogate or register of the prerOgative court. and
from this report the said surrogate or register OF
the prerogative court shall forthwith assess andfx
the then cash value Of all estates, annuities and
life estates, terms of years growing out of said
estates, and the tax to which the same is liable,
and shall Immediately give notice thereof by mail
to the state comptroller and to all parties known
to be interested therein any person or persons
dissatisfied with said appraisement or assessment
may appeal therefr0m to the ordinary or orphans
court Of the proper county within sixty days after
the making and filing of such assessment, on pay
ing giving security, approved By the ordinary
or orphans court to pay all costs. together with
whatever tax shall be fixed by fixed by said court
the said appraiser shall be paid by the state treas
urer on the warrant of the comptroller, the GER
tihcate of the ordinary or surrogate, duly filed
with the comptroller, at the rate of three dollars
per day for every day actually and necessarily en-
poyed in said appraisement, together with his
actual and necessary travelling expenses
IA And be it enacted, That any appraiser ap-
pointed by virtue of this act who shall take any
fee or reward from any executor, administrator
trustee, legatee, next of kin or heir OF any dece-
dent or from any other person liable to pay said
tax or any portion thereof, shall be guilty of a
misdemeanor, and upon conviction IN any court
fined not less than two hundred and fifty dollars
nor more than five hundred dollars and imprisoned
not exceeding ninety days. and in addition thereto
the register Of the prerOgative court surrogate
shall dismiss him from such service
l5 And be it enacted, That the ordinary or the
orphans court in the county in which the real
is situate OF decedent who is not res
ident of the state, or in the county of which the
decedent was a resident at the time of his death,
shall have jurisdiction to hear and determine all
questions in relation to the tax arising under the
provisions of this act.
IS And be it enacted, That If it shall appear to
the register of the prerogatve court surrogate
that any tax accruing under this act has not been
paid according to law, such officer shall issue c
taton citing the persons interested in the property
liable to the TO appear before the ordinary or
orphans court on day certain, not more than
tbrae hs the date of such citation, and