reglab/housing_qa huggingface dataset:
NJ Rev Stat § 3B:20-11.10 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.10 - Delegation of investment, management functions by fiduciary

3B:20-11.10 Delegation of investment, management functions by fiduciary  10. a. A fiduciary may delegate investment and management functions that a prudent fiduciary of comparable skills could properly delegate under the circumstances. The fiduciary shall exercise reasonable care, skill, and caution in: (1) selecting an agent with special investment skills and expertise and of sound financial standing; (2) establishing the scope and terms of the delegation consistent with the purpose and terms of the trust instrument; and  (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation. b. In performing a delegated function, the agent shall owe to the trustee and the beneficiaries the same duties as the fiduciary and shall be held to the same standards as the fiduciary. c. The fiduciary who complies with the requirements of subsection a. of this section shall not be liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated. d. By accepting the delegation of a trust function from the fiduciary of a trust that is subject to the law of New Jersey, the agent submits to the jurisdiction of the courts of New Jersey, even if the delegation agreement provides otherwise. e. If there are two or more fiduciaries serving, only one of whom has special investment and management skills or expertise or has been named in reliance upon representations of such special skills or expertise, then the fiduciary or fiduciaries not possessed of such special skills or expertise may, pursuant to this section, delegate investment and management functions to the other fiduciary as if such other fiduciary were an agent selected in accordance with this section and subject to the provisions of this section. f. A fiduciary shall provide reasonable advance written notice on each occasion upon which the fiduciary intends to delegate investment and management functions pursuant to this section, including the identity of the agent, to the beneficiary or beneficiaries eligible to receive income from the trust on the date of the intended delegation. Upon providing such notice, the fiduciary shall be authorized to delegate investment and management functions pursuant to this section. L.1997,c.26,s.10.
NJ Rev Stat § 3B:20-11.11 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.11 - Construction of terms

3B:20-11.11 Construction of terms  11. The following terms or comparable language in a trust instrument, unless otherwise limited or modified by that instrument, shall be construed as authorizing any investment or strategy permitted under this act: "investments permissible by law for investment of trust funds," "legal investment," "authorized investments," "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent trustee rule," "prudent person rule," and "prudent investor rule." L.1997,c.26,s.11.
NJ Rev Stat § 3B:20-11.12 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.12 - Applicability of act

3B:20-11.12 Applicability of act  12. This act shall apply to and govern trusts existing on and created after its effective date. As applied to trusts existing on its effective date, this act governs only actions or omissions occurring after that date. L.1997,c.26,s.12.
NJ Rev Stat § 3B:20-18 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-18 - Authority to exchange or convert securities

3B:20-18 Authority to exchange or convert securities  3B:20-18. Authority to exchange or convert securities. Except as otherwise provided in the trust instrument, a fiduciary who holds securities in a trust estate issued by a corporation which has been recapitalized or reorganized, or which has been a party to a merger or consolidation, may exchange or convert the securities so held for or into other securities issued by the corporation as an incident of its recapitalization, reorganization, merger or consolidation, or issued by the corporation's successor corporation as an incident of the merger or consolidation. Amended 1997, c.26, s.18.
NJ Rev Stat § 3B:20-19 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-19 - Fiduciary as issuing corporation

3B:20-19 Fiduciary as issuing corporation  3B:20-19. Fiduciary as issuing corporation. An exchange or conversion of securities may be made pursuant to this article notwithstanding that the fiduciary which holds the securities in a trust estate is the same corporation which issued the securities. Amended 1997, c.26, s.19.
NJ Rev Stat § 3B:20-21 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-21 - Definitions

3B:20-21. Definitions  As used in this article: a. "Banking institution" includes State chartered banks and national banking associations; b. "Bank holding company" means a bank holding company as defined in the Bank Holding Company Act of 1956 (Act of May 9, 1956, 70 Stat. 1933, 12 U.S.C. 1841 et seq.) as amended by the Bank Holding Company Act Amendments of 1970 (Act of December 31, 1970, 84 Stat. 1760). L.1981, c. 405, s. 3B:20-21, eff. May 1, 1982.
NJ Rev Stat § 3B:20-22 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-22 - Authority to exchange or convert

3B:20-22. Authority to exchange or convert  When a bank holding company which is a corporation acquires 80% or more of the outstanding capital stock of a banking institution, any shares of the capital stock of the banking institution held in a trust estate by a fiduciary may be exchanged for or converted into the capital stock of the bank holding company as an incident of the company's acquisition of the shares. L.1981, c. 405, s. 3B:20-22, eff. May 1, 1982.
NJ Rev Stat § 3B:20-23 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-23 - Banking institution acting as fiduciary

3B:20-23 Banking institution acting as fiduciary  3B:20-23. Banking institution acting as fiduciary. An exchange or conversion of shares may be made pursuant to this article notwithstanding that the fiduciary which holds the shares in the trust estate is the banking institution which issued them. Amended 1997, c.26, s.20.
NJ Rev Stat § 3B:20-25 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-25 - Application of article

3B:20-25 Application of article  3B:20-25. Application of article. This article shall not apply where a trust instrument contains provisions inconsistent with or contrary to the provisions of this article. Amended 1997, c.26, s.21.
NJ Rev Stat § 3B:20-26 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-26 - Short title

3B:20-26. Short title  This article shall be known and may be cited as the "Clearing Corporation Deposit Law of 1973." L.1981, c. 405, s. 3B:20-26, eff. May 1, 1982.
NJ Rev Stat § 3B:20-27 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-27 - Definitions

3B:20-27 Definitions  3B:20-27. Definitions. As used in this article: a. (Deleted by amendment, P.L.1997, c.26). b. "Securities" means instruments which are commonly dealt with on securities exchanges or markets or commonly recognized in any area in which they are issued or dealt with as a medium for investment, and which are subject to the provisions of chapter 8, "Uniform Commercial Code-Investment Securities" (chapter 8, Title 12A of the New Jersey Statutes); c. "Clearing corporation" means a corporation as defined in N.J.S.12A:8-102. Amended 1997, c.26, s.22.
NJ Rev Stat § 3B:20-28 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-28 - Deposit of securities by fiduciary

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 arrange for the deposit of the securities in a clearing corporation. L.1981, c. 405, s. 3B:20-28, eff. May 1, 1982.
NJ Rev Stat § 3B:20-29 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-29 - Merger of certificates deposited

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 clearing corporation by any person regardless of the ownership of the securities, and certificates of small denomination may be merged into one or more certificates of larger denomination. L.1981, c. 405, s. 3B:20-29, eff. May 1, 1982.
NJ Rev Stat § 3B:20-30 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-30 - Records of securities deposited

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.1981, c. 405, s. 3B:20-30, eff. May 1, 1982.
NJ Rev Stat § 3B:20-31 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-31 - Transfer of ownership in securities deposited

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. 405, s. 3B:20-31, eff. May 1, 1982.
NJ Rev Stat § 3B:20-32 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-32 - Rules and regulations governing banking institutions

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 case of national banks, the Comptroller of the Currency may from time to time issue. L.1981, c. 405, s. 3B:20-32, eff. May 1, 1982.
NJ Rev Stat § 3B:20-33 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-33 - Certification of securities deposited

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 fiduciary. A fiduciary shall, on demand by any party to a judicial proceeding for the settlement of the fiduciary's account or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary in the clearing corporation for its account as the fiduciary. L.1981, c. 405, s. 3B:20-33, eff. May 1, 1982.
NJ Rev Stat § 3B:20-34 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-34 - Application of article

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 January 2, 1974, or who thereafter may act regardless of the date of the trust instrument by which the fiduciary is appointed and regardless of whether or not the fiduciary or the banking institution acting as custodian, managing agent or custodian for a fiduciary owns capital stock of the clearing corporation. Amended 1997, c.26, s.23.
NJ Rev Stat § 3B:20-35 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-35 - Construction of article

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.
NJ Rev Stat § 3B:21-1 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:21-1 - Removal of property from the State

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 letters from, or is subject to the jurisdiction of, a court of another state or country, the Superior Court may authorize the guardian or trustee, if it is in the interest of the persons in interest, to demand, collect, sue for, receive and remove from this State all or any part of the personal property and the rents, issues and profits of the real property, or authorize the personal property, and the rents, issues and profits of the real property to be transferred to the custody of the proper court of that state, jurisdiction or country. L.1981, c. 405, s. 3B:21-1, eff. May 1, 1982.
NJ Rev Stat § 3B:21-2 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:21-2 - Meaning of term "personal property"

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 this State, moneys in the hands of a receiver appointed by any court, moneys in the hands of a commissioner, officer, fiduciary or other person constituting the proceeds from the sale of real estate under any judicial proceeding, or pursuant to the provisions of any will or instrument of trust, or awarded as damages for the taking of lands under legislative authority, moneys or funds deposited in any court of this State, whether arising from the sale of lands or otherwise, and moneys or property in the custody or under the control or subject to the directions of any court. L.1981, c. 405, s. 3B:21-2, eff. May 1, 1982.
NJ Rev Stat § 3B:21-3 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:21-3 - Proof of authority of, and giving of security by, guardian or trustee

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 other property is to be removed. The court shall require him to give bond, in double the amount or value of the moneys or other property to be removed, or in any other sum and with an obligee, conditions and sureties as the court may determine. A bond need not be required if the court is satisfied that he has given security satisfactory to the court in that state or country or is not required to furnish security under the laws thereof. L.1981, c. 405, s. 3B:21-3, eff. May 1, 1982.
NJ Rev Stat § 3B:21-4 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:21-4 - When removal will be denied

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 instrument, or where the interests of a citizen of this State with respect to the property would thereby be prejudiced. L.1981, c. 405, s. 3B:21-4, eff. May 1, 1982.
NJ Rev Stat § 3B:21-5 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:21-5 - Effect of judgment for removal and transfer

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 the court deems it advisable, it may require receipts or releases or refunding bonds to be given and recorded. L.1981, c. 405, s. 3B:21-5, eff. May 1, 1982.
NJ Rev Stat § 3B:22-1 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:22-1 - Waiver of statutes of limitations

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 of limitations at the time of the decedent's death shall be allowed or paid. L.1981, c. 405, s. 3B:22-1, eff. May 1, 1982.
NJ Rev Stat § 3B:22-2 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:22-2 - Order of priority of claims when assets insufficient.

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 of administration; c. Debts for the reasonable value of services rendered to the decedent by the Office of the Public Guardian for Elderly Adults; d. Debts and taxes with preference under federal law or the laws of this State; e. Reasonable medical and hospital expenses of the last illness of the decedent, including compensation of persons attending him; f. Judgments entered against the decedent according to the priorities of their entries respectively; g. All other claims. No preference shall be given in the payment of any claim over any other claim of the same class, and a claim due and payable shall not be entitled to a preference over claims not due. The commencement of an action against the personal representative for the recovery of a debt or claim or the entry of a judgment thereon against the personal representative shall not entitle such debt or claim to preference over others of the same class. Amended 1989, c.248, s.8; 2004, c.132, s.82; 2005, c.304, s.47.
NJ Rev Stat § 3B:22-3 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:22-3 - Abatement for purpose of paying claims and debts.

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.
NJ Rev Stat § 3B:22-4 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:22-4 - Limitation of time to present claims of creditors to personal representative; discharge of personal representative where claim is not duly presented before distribution.

3B:22-4 Limitation of time to present claims of creditors to personal representative; discharge of personal representative where claim is not duly presented before distribution.  3B:22-4. Creditors of the decedent shall present their claims to the personal representative of the decedent's estate in writing and under oath, specifying the amount claimed and the particulars of the claim, within nine months from the date of the decedent's death. If a claim is not so presented to the personal representative within nine months from the date of the decedent's death, the personal representative shall not be liable to the creditor with respect to any assets which the personal representative may have delivered or paid in satisfaction of any lawful claims, devises or distributive shares, before the presentation of the claim. Amended 2004, c.132, s.84.
NJ Rev Stat § 3B:22-5 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:22-5 - Liquidated claims payable in future

3B:22-5. Liquidated claims payable in future  A liquidated claim, not due and payable, but payable in the future, may be presented for allowance, a reasonable rebate of interest being made when interest is not accruing thereon. If the claim is disputed and action is brought thereon, the plaintiff shall not fail in the action because the claim is payable in the future, if the claim is otherwise valid. L.1981, c. 405, s. 3B:22-5, eff. May 1, 1982.
NJ Rev Stat § 3B:22-6 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:22-6 - Payment of claim not legally presented; effect; allowance in personal representative's account

3B:22-6. Payment of claim not legally presented; effect; allowance in personal representative's account  If a personal representative in good faith pays a claim presented to him which is not verified as required, and, on or before final accounting, it is proved to the court or surrogate that the claim was owed by the decedent and was a just claim against the estate, the court shall allow in the personal representative's account the full amount of the claim if the estate is sufficient to pay the debts of equal degree with the claim in full. If the estate is not sufficient for that purpose, he shall be allowed the pro rata amount the creditor would have been entitled to receive if the claim had been presented verified as required. L.1981, c. 405, s. 3B:22-6, eff. May 1, 1982.
NJ Rev Stat § 3B:22-7 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:22-7 - Allowance or rejection of claims within 3 months

3B:22-7. Allowance or rejection of claims within 3 months  Within 3 months after the presentation to him of a claim, the personal representative shall allow or dispute it or allow it in part and dispute it in part, and give notice in writing to the creditor, his agent or attorney, of that which he allows or disputes. L.1981, c. 405, s. 3B:22-7, eff. May 1, 1982.
NJ Rev Stat § 3B:22-8 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:22-8 - Commencement of action by creditor on disputed claim within 3 months after notice

3B:22-8. Commencement of action by creditor on disputed claim within 3 months after notice  Within 3 months after receiving notice that a claim or a part of it has been disputed, the creditor shall commence an action to recover on the claim or so much of it as is disputed; otherwise the personal representative shall not be liable to the creditor with respect to any assets which he may have delivered or paid in satisfaction of any lawful claims, devises or distributive shares before the commencement of the action. L.1981, c. 405, s. 3B:22-8, eff. May 1, 1982.