reglab/housing_qa huggingface dataset:
NJ Rev Stat § 3B:19B-24 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-24 - Disbursements from income

3B:19B-24. Disbursements from income  24. Disbursements from Income. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which paragraph (1) or (2) of subsection b. of section 5 of this act applies: a. commissions allowed by law to a trustee on income receipts, if properly chargeable to the trust; b. one-half of the fees paid to banks and other financial institutions for custodial services to the fiduciary if properly chargeable to the trust; c. all of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest paid by the trustee, including interest on death taxes, regularly recurring taxes assessed against any portion of the principal, water rates, bond premiums, and the expenses, including court costs, attorneys' fees, and accountants' fees, of an accounting, judicial proceeding or other matter that concerns primarily the income interest, unless the court directs otherwise; and d. recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset. L.2001,c.212,s.24.
NJ Rev Stat § 3B:19B-25 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-25 - Disbursements from principal

3B:19B-25. Disbursements from principal  25. Disbursements from Principal. a. A trustee shall make the following disbursements from principal: (1) commissions allowed by law to a trustee on principal receipts or distributions or on termination of the trust estate; (2) the remaining one-half of the fees paid to banks and other financial institutions for custodial services, if properly chargeable to the trust; (3) fees paid to banks and other financial institutions and registered investment advisors for investment advisory or investment management services, if properly chargeable to the trust; (4) costs of investing and reinvesting principal and payments on the principal of an indebtedness, including a mortgage or security interest amortized by periodic payments of principal; (5) extraordinary repairs or expenses incurred in making a capital improvement, including special assessments, and disbursements made to prepare property for sale; (6) court costs, attorneys' fees, accountants' fees and other fees, incurred on an accounting or judicial proceeding or in maintaining or defending any action to construe a will or a trust, protect it or the trust estate, or assure the title of any property, unless properly chargeable to income under subsection c. of section 24 of this act or the court otherwise directs; (7) premiums paid on an insurance policy not described in subsection d. of section 24 of this act of which the trust is the owner and beneficiary; (8) estate, inheritance and other transfer taxes, including penalties apportioned to the trust; (9) disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the cost of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties and defending claims based on environmental matters; and (10) if an estate or inheritance tax is levied in respect of a trust in which both an income beneficiary and remainderman have an interest, any amount apportioned to the trust, including penalties, even though the income beneficiary also has rights in the principal. b. If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation. L.2001,c.212,s.25.
NJ Rev Stat § 3B:19B-26 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-26 - Transfers from income to principal for depreciation

3B:19B-26. Transfers from income to principal for depreciation  26. Transfers from Income to Principal for Depreciation.  a. As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than one year. b. A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation: (1) of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; (2) during the administration of a decedent's estate; or (3) under this section if the trustee is accounting under section 12 of this act for the business or activity in which the asset is used. c. An amount transferred to principal need not be held as a separate fund. L.2001,c.212,s.26.
NJ Rev Stat § 3B:19B-27 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-27 - Transfer from income to reimburse principal

3B:19B-27. Transfer from income to reimburse principal  27. Transfer from Income to Reimburse Principal. a. If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements. b. Principal disbursements to which subsection a. of this section applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party: (1) an amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs; (2) disbursements made to prepare property for rental, including tenant allowances, leasehold improvements and broker's commissions; and (3) periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments. c. If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection a. of this section. L.2001,c.212,s.27.
NJ Rev Stat § 3B:19B-28 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-28 - Income taxes

3B:19B-28. Income taxes  28. Income Taxes. a. A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. b. A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority. c. A tax required to be paid by a trustee on the trust's share of an entity's taxable income shall be paid proportionately: (1) from income to the extent that receipts from the entity are allocated to income; and (2) from principal to the extent that: (a) receipts from the entity are allocated to principal; and (b) the trust's share of the entity's taxable income exceeds the total receipts described in paragraph (1) and subparagraph (a) of this paragraph (2). d. For purposes of this section, receipts allocated to principal or income shall be reduced by the amount distributed to a beneficiary from principal or income for which the trust receives a deduction in calculating the tax. L.2001,c.212,s.28.
NJ Rev Stat § 3B:19B-29 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-29 - Uniformity of application and construction

3B:19B-29. Uniformity of application and construction  29. Uniformity of Application and Construction. In applying and construing this act, consideration shall be given to the fact that this is a uniform act, and there is a need to promote uniformity of the act with respect to its subject matter among states that enact it. L.2001,c.212,s.29.
NJ Rev Stat § 3B:19B-30 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-30 - Application of act to existing and future trusts and estates

3B:19B-30. Application of act to existing and future trusts and estates  30. Application of Act to Existing and Future Trusts and Estates. This act applies to every trust or decedent's estate existing on or after the effective date of this act, except as otherwise expressly provided in the will or terms of the trust or in this act. L.2001,c.212,s.30.
NJ Rev Stat § 3B:20-1 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-1 - Definitions

3B:20-1 Definitions  3B:20-1. Definitions. As used in this chapter: a. "Trust instrument" means and includes a will, deed, agreement, court order or other instrument pursuant to which money or other property is entrusted to a fiduciary; b. "Fiduciary" means an individual or corporation that is authorized to act as or acts as a trustee, personal representative, conservator, guardian, and every other individual or corporation charged with the duty of administering a trust estate; c. "Trust estate" or "trust assets" means money or other property entrusted to a fiduciary; d. (Deleted by amendment, P.L.1997, c.26.) e. "Beneficiary" means an individual or corporation for whose benefit a fiduciary acts or is authorized to act. Amended 1983, c.192, s.2; 1995, c.48, s.1; 1997, c.26, s.13.
NJ Rev Stat § 3B:20-3 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-3 - Corporate fiduciary may register securities in name of nominee without disclosing fiduciary capacity

3B:20-3. Corporate fiduciary may register securities in name of nominee without disclosing fiduciary capacity  Any bank may, when acting as sole fiduciary or when acting as cofiduciary, with the consent of a cofiduciary or cofiduciaries, cause any certificates for shares of stock, bonds, debentures, notes or other securities, herein denominated "securities" , held in fiduciary capacities, to be registered and held in the name of a nominee of the corporate fiduciary without disclosing the fiduciary capacity in which the securities are held; provided, that a. The records of the fiduciary or fiduciaries and all accounts rendered by it or them shall at all times clearly show the ownership of the securities so registered, b. The securities shall at all times be kept separate and apart from the assets of the fiduciary or fiduciaries, and c. The nominee shall not have possession of or access to the securities. L.1981, c. 405, s. 3B:20-3, eff. May 1, 1982.
NJ Rev Stat § 3B:20-4 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-4 - Corporate fiduciary liable for loss caused by acts of nominee

3B:20-4. Corporate fiduciary liable for loss caused by acts of nominee  The fiduciary or fiduciaries shall be liable for any loss caused by the acts of the nominee with respect to securities registered as provided in N.J.S. 3B:20-3. L.1981, c. 405, s. 3B:20-4, eff. May 1, 1982.
NJ Rev Stat § 3B:20-5 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-5 - Limitation on authority to register securities in name of nominee

3B:20-5. Limitation on authority to register securities in name of nominee  A fiduciary or fiduciaries may not register securities in the name of a nominee where any will, trust instrument or any order appointing or relating to any fiduciary or fiduciaries prohibits securities from being registered in the name of a nominee. L.1981, c. 405, s. 3B:20-5, eff. May 1, 1982.
NJ Rev Stat § 3B:20-7 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-7 - Directions of court concerning the sale, conversion or retention of investments

3B:20-7 Directions of court concerning the sale, conversion or retention of investments  3B:20-7. Directions of court concerning the sale, conversion or retention of investments. When securities or other property come into possession of a fiduciary as part of the assets of the trust estate the fiduciary is to administer or manage, the fiduciary may apply to the court for direction as to the sale, conversion or retention of the securities or property. The court shall make an order as it shall deem most advantageous to the trust estate and the interests of persons entitled to share therein. Amended 1997, c.26, s.14.
NJ Rev Stat § 3B:20-8 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-8 - Protection afforded fiduciary continuing investments under court order

3B:20-8 Protection afforded fiduciary continuing investments under court order  3B:20-8. Protection afforded fiduciary continuing investments under court order. A fiduciary shall not be held accountable for any loss by reason of continuing to hold the trust assets in accordance with an order pursuant to N.J.S.3B:20-7. Amended 1997, c.26, s.15.
NJ Rev Stat § 3B:20-9 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-9 - Application to court upon change in conditions

3B:20-9 Application to court upon change in conditions  3B:20-9. Application to court upon change in conditions. If, as a result of a change in conditions which occurs or which may be reasonably foreseen, the objects of the trust estate may be defeated in whole or in part by the investment or retention of investments of the trust estate in property to which the fiduciary is limited by the trust instrument, the fiduciary or any beneficiary of the trust may apply to the court to secure authority permitting or directing the fiduciary to invest all or any part of the trust estate in accordance with the provisions of N.J.S.3B:20-1 et seq. Amended 1997, c.26, s.16.
NJ Rev Stat § 3B:20-10 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-10 - Investments by court order upon change in conditions

3B:20-10 Investments by court order upon change in conditions  3B:20-10. Investments by court order upon change in conditions. If the court finds that by reason of a change in conditions which has occurred since the creation of the trust or which may be reasonably foreseen, the objects of the trust estate may be defeated in whole or in part by the investment or retention of the trust estate in property to which the fiduciary is limited by the trust instrument and that the objects of the trust estate and those interested in it would be promoted by the investment of all or part of the trust estate otherwise, the court shall authorize or direct the fiduciary to invest the whole of the trust estate or that part of it as shall be designated, in accordance with the provisions of N.J.S.3B:20-1 et seq. Amended 1997, c.26, s.17.
NJ Rev Stat § 3B:20-11.1 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.1 - Short title

3B:20-11.1 Short title  1. Sections 1 through 12 of this 1997 amendatory and supplementary act shall be known and may be cited as the "Prudent Investor Act." L.1997,c.26,s.1.
NJ Rev Stat § 3B:20-11.2 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.2 - Compliance by fiduciary with prudent investor rule

3B:20-11.2 Compliance by fiduciary with prudent investor rule  2. a. Except as provided in subsection b. of this section, a fiduciary who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule, as set forth in this act. b. The prudent investor rule is a default rule that may be expanded, restricted, eliminated, or otherwise altered by express provisions of the trust instrument. A fiduciary is not liable to a beneficiary to the extent that the fiduciary acted in reasonable reliance on those express provisions. Nothing herein shall affect the jurisdiction of the Superior Court to order or authorize a fiduciary to deviate from the express terms or provisions of a trust instrument for the causes, in the manner, and to the extent otherwise provided by law. L.1997,c.26,s.2.
NJ Rev Stat § 3B:20-11.3 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.3 - Investments, management of trust assets by fiduciary

3B:20-11.3 Investments, management of trust assets by fiduciary  3. a. A fiduciary shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the fiduciary shall exercise reasonable care, skill, and caution. b. A fiduciary's investment and management decisions respecting individual assets shall not be evaluated in isolation, but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust. c. Subject to the standards established in this act, a fiduciary may invest in any kind of property or type of investment. No specific investment or course of action is inherently imprudent. d. Among the circumstances that the fiduciary shall consider in investing and managing trust assets are those of the following as are relevant to the trust and its beneficiaries: (1) general economic conditions; (2) the possible effect of inflation or deflation; (3) the expected tax consequences of investment decisions or strategies; (4) the role that each investment or course of action plays within the overall trust portfolio; (5) the expected total return from income and the appreciation of capital; (6) other resources of the beneficiaries; (7) the need for liquidity, for regularity of income, and for preservation or appreciation of capital; and (8) an asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries as, for example, an interest in a closely-held enterprise, tangible and intangible personalty, or real estate. e. The fiduciary shall take reasonable steps to verify facts relevant to the investment and management of trust assets and may rely and be fully protected in relying upon statistical, financial, corporate or other information as to a particular investment, and upon ratings or other opinion as to the financial or other status thereof, contained in or offered by any financial, statistical, investment, rating or other publication or service published for the use of and accepted as reliable by investors in like investments or upon a copy of the prospectus prepared and filed with the Securities and Exchange Commission in connection with a new issue. f. A fiduciary who has special skills or expertise, or is named fiduciary in reliance upon representations of special skills or expertise, has a duty to use those special skills or expertise. L.1997,c.26,s.3.
NJ Rev Stat § 3B:20-11.4 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.4 - Diversification of investments

3B:20-11.4 Diversification of investments  4. A fiduciary shall diversify the investments of the trust unless the fiduciary reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. L.1997,c.26,s.4.
NJ Rev Stat § 3B:20-11.5 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.5 - Assets to be managed in interest of beneficiaries

3B:20-11.5 Assets to be managed in interest of beneficiaries  5. A fiduciary shall invest and manage the trust assets solely in the interest of the beneficiaries. L.1997,c.26,s.5.
NJ Rev Stat § 3B:20-11.6 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.6 - Impartiality of fiduciary

3B:20-11.6 Impartiality of fiduciary  6. If a trust has two or more beneficiaries, the fiduciary shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries. L.1997,c.26,s.6.
NJ Rev Stat § 3B:20-11.7 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.7 - Review of trust assets

3B:20-11.7 Review of trust assets  7. Within six months after accepting trust assets, the fiduciary shall review the trust assets and shall make and implement decisions concerning the retention and disposition of assets received at the inception of the trust, in order to bring the trust portfolio into compliance with the provisions of the trust instrument or with the requirements of this act. L.1997,c.26,s.7.
NJ Rev Stat § 3B:20-11.8 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.8 - Incurrence of costs by fiduciary

3B:20-11.8 Incurrence of costs by fiduciary  8. In investing and managing trust assets, a fiduciary may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the fiduciary. A fiduciary who delegates investment and management functions pursuant to section 10 of P.L.1997, c.26 (C.3B:20-11.10) shall control the overall costs of the delegation, including making a reduction in the amount of corpus commissions otherwise allowable to the fiduciary with respect to the trust assets for which investment responsibility has been delegated, which reduction shall take account of the duties and responsibilities retained by the fiduciary with respect to such assets. L.1997,c.26,s.8.
NJ Rev Stat § 3B:20-11.9 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:20-11.9 - Rule expresses standard of conduct

3B:20-11.9 Rule expresses standard of conduct  9. The prudent investor rule expresses a standard of conduct, not outcome. Compliance with the rule is determined in light of the facts and circumstances existing at the time of the fiduciary's decision or action. L.1997,c.26,s.9.