reglab/housing_qa huggingface dataset:
NJ Rev Stat § 3B:18-23 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-23 - "Fiduciary" defined

3B:18-23. "Fiduciary" defined  As used in this article "fiduciary" means a trustee acting under a will, a nontestamentary trustee as defined in N.J.S. 3B:17-9 or a guardian.  L. 1981, c. 405, s. 3B:18-23, eff. May 1, 1982. Amended by L. 1985, c. 434, s. 1, eff. Jan. 13, 1986.
NJ Rev Stat § 3B:18-24 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-24 - Income commissions

3B:18-24. Income commissions  Commissions in the amount of 6% may be taken without court allowance on all income received by the fiduciary. For the purposes of this section, income which is withheld from payment to the fiduciary pursuant to any law of this State, or of the United States, or any other state, country or sovereignty or of any political subdivision or governmental unit of any of the foregoing, for income tax or other tax purposes, shall be deemed to be income received by the fiduciary, and shall be subject to income commissions as if actually received by the fiduciary. L.1981, c. 405, s. 3B:18-24, eff. May 1, 1982.
NJ Rev Stat § 3B:18-25 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-25 - Fiduciaries may take annual commissions on corpus

3B:18-25. Fiduciaries may take annual commissions on corpus  3B:18-25. a. Fiduciaries may annually, without court allowance, take commissions on corpus (including accumulated income which has been invested by the fiduciary) in the amount of $5.00 per thousand dollars of corpus value on the first $400,000.00 of value of corpus and $3.00 per thousand dollars of the corpus value in excess of $400,000.00. b. Notwithstanding the provisions of subsection a. of this section, if the fiduciary is a banking institution, foreign bank or savings and loan association authorized to exercise fiduciary powers, the fiduciary shall be entitled to such commissions as may be reasonable. c. Notwithstanding the provisions of subsection a. of this section, a fiduciary may take a minimum commission of $100.00 annually. d. The value of the corpus for the purpose of this section shall be the "presumptive value" as defined in N.J.S.3B:18-18 or, at the option of the fiduciary, the value at the end of the period. e. Upon application of a person interested in the trust or guardianship, a court may review the reasonableness of the commissions of the fiduciary, provided, however, the fiduciary shall be entitled to receive at least the compensation provided for all fiduciaries as set forth in subsections a. and c. of this section. Amended 1988, c.165; 1999, c.159, s.11.
NJ Rev Stat § 3B:18-25.1 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-25.1 - Taking annual amount on accounts of corpus commissions: two or more fiduciaries

3B:18-25.1. Taking annual amount on accounts of corpus commissions: two or more fiduciaries  Taking annual amount on accounts of corpus commissions: two or more fiduciaries. If there are two or more fiduciaries, the amount of the annual commissions taken pursuant to N.J.S. 3B:18-25 may equal the commissions which may be taken pursuant to that section when there is but one fiduciary, plus one-fifth of the commissions for each fiduciary more than one. No one fiduciary shall be entitled to any greater commission than that which would be allowed if there were but one fiduciary involved.  L. 1989, c. 7, s. 1.
NJ Rev Stat § 3B:18-25.2 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-25.2 - Powers of qualified bank; duties of agent

3B:18-25.2. Powers of qualified bank; duties of agent  12. a. Notwithstanding any law to the contrary, a qualified bank acting in any capacity authorized pursuant to section 28 of P.L.1948, c.67 (C. 17:9A-28) on behalf of a trust or estate may employ and pay reasonable compensation to any person, including attorneys, auditors, investment advisers or other agents, even if they are affiliated or associated with the qualified bank, to advise or assist the qualified bank in the performance of any of its administrative duties, whether or not discretionary, and to act without independent investigation upon their recommendation, so long as the qualified bank exercises care, skill, and caution in: selecting the agent; establishing the scope and terms of the agent's duties consistent with the purpose and terms of the governing trust instrument; and periodically reviewing the agent's actions in order to monitor the agent's performance. A qualified bank that delegates investment functions to an investment adviser shall also comply with the requirements of sections 8 and 10 of P.L.1997, c.26 (C.3B:20-11.8 and 3B:20-11.10). b. In performing any agency function, the agent shall owe to the qualified bank and the beneficiaries the same duties as the qualified bank and shall be held to the same fiduciary standards as the qualified bank. c. In the absence of express contrary provisions in the trust instrument, a qualified bank which employs an agent other than an investment adviser or investment manager, may pay the agent from the fiduciary fund if the qualified bank reasonably believes in the exercise of its discretion that such an arrangement is in the best interests of all interested persons and will improve the efficiency of the administration of the fiduciary fund. In the absence of express contrary provisions in the trust instrument, a qualified bank which delegates investment and trust asset management functions to an investment adviser or an investment manager shall comply with the cost control and other requirements of sections 8 and 10 of P.L.1997, c.26 (C.3B:20-11.8 and 3B:20-11.10). d. A qualified bank which substantially complies with the requirements of subsections a. and c. of this section shall not be liable to the beneficiaries or to the trust or estate for the decisions or actions of the agent, and shall not, solely by reason of the delegation, be deemed to engage in acts of self-dealing or a conflict of interest. e. By accepting an appointment as agent from a qualified bank acting as a fiduciary of a trust or estate that is subject to the law of New Jersey, the agent submits to the jurisdiction of the courts of New Jersey, even if the agency agreement provides otherwise. L.1999,c.159,s.12.
NJ Rev Stat § 3B:18-26 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-26 - Failure to take commissions annually shall not constitute a waiver thereof

3B:18-26. Failure to take commissions annually shall not constitute a waiver thereof  The failure of a fiduciary to take commissions in any year shall not constitute a waiver by the fiduciary to take in a subsequent year the commissions not taken for that year. L.1981, c. 405, s. 3B:18-26, eff. May 1, 1982.
NJ Rev Stat § 3B:18-27 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-27 - Commissions taken annually subject to review

3B:18-27. Commissions taken annually subject to review  Commissions taken as provided in N.J.S. 3B:18-25 shall be subject to review on intermediate and final accountings, and to the extent that aggregate commissions so taken exceed the commissions allowable under this article, they may be disallowed. L.1981, c. 405, s. 3B:18-27, eff. May 1, 1982.
NJ Rev Stat § 3B:18-28 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-28 - Corpus commissions on termination of trust, guardianship or upon distribution of assets

3B:18-28. Corpus commissions on termination of trust, guardianship or upon distribution of assets  In addition to the annual commissions on corpus, upon termination of the trust or guardianship, or upon distribution of assets from the trust or guardianship, the fiduciary may take a commission on corpus distributed, including accumulated income which has been invested by the fiduciary. The value of the corpus for the purpose of computing the commissions shall be the "presumptive value" or, at the option of the fiduciary, the value at the time of distribution, as defined in N.J.S. 3B:18-18. The amounts of the commissions to be taken are as follows: a. If the distribution of corpus occurs within 5 years of the date when the corpus is received by the fiduciary, an amount equal to the annual commissions on corpus authorized pursuant to N.J.S. 3B:18-25, but not actually taken by the fiduciary, plus an amount equal to 2% of the value of the corpus distributed; b. If distribution of the corpus occurs between 5 and 10 years of the date when the corpus is received by the fiduciary, an amount equal to the annual commissions on corpus authorized pursuant to N.J.S. 3B:18-25, but not actually received by the fiduciary, plus an amount equal to 1 1/2 % of the value of the corpus distributed; c. If the distribution of corpus occurs more than 10 years after the date the corpus is received by the fiduciary, an amount equal to the annual commissions on corpus authorized pursuant to N.J.S. 3B:18-25, but not actually received by the fiduciary, plus an amount equal to 1% of the value of the corpus distributed; and d. If there are two or more fiduciaries, their corpus commissions shall be the same as for a single fiduciary plus an additional amount of one-fifth of the commissions for each additional fiduciary. L.1981, c. 405, s. 3B:18-28, eff. May 1, 1982.
NJ Rev Stat § 3B:18-29 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-29 - Corpus commissions; unusual or extraordinary services

3B:18-29. Corpus commissions; unusual or extraordinary services  The court may, on an intermediate or the final settlement of fiduciaries' accounts, allow corpus commissions in addition to those provided in this article, on a showing that unusual or extraordinary services have been rendered by the fiduciary for which he should receive additional compensation. L.1981, c. 405, s. 3B:18-29, eff. May 1, 1982.
NJ Rev Stat § 3B:18-30 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-30 - Burden of proving value

3B:18-30. Burden of proving value  In the event of a dispute as to the value of corpus on the settlement of the account of a fiduciary, the burden of proving that the value of any item of corpus differs from the presumptive value of the item shall be upon the party claiming the difference. L.1981, c. 405, s. 3B:18-30, eff. May 1, 1982.
NJ Rev Stat § 3B:18-31 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-31 - Authorization in testator's will as to commissions exceeding legal rates

3B:18-31. Authorization in testator's will as to commissions exceeding legal rates  No commissions in excess of those authorized in this article shall be paid to a fiduciary acting as a trustee under a will unless the testator, in his last will acknowledges that he is aware of the commissions specified in this article and expressly authorizes payment of commissions in excess thereof. The absence of an express authorization to pay excess commissions shall not preclude the court from allowing commissions as provided in N.J.S. 3B:18-29. L.1981, c. 405, s. 3B:18-31, eff. May 1, 1982.
NJ Rev Stat § 3B:18-32 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-32 - When rates for corpus commissions taken annually effective

3B:18-32. When rates for corpus commissions taken annually effective  With respect to fiduciaries' annual corpus commissions, the rates set forth in this article shall apply for all annual periods ending after February 29, 1980. L.1981, c. 405, s. 3B:18-32, eff. May 1, 1982.
NJ Rev Stat § 3B:18-33 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:18-33 - When rates of corpus commissions on termination of trusts or guardianship effective

3B:18-33. When rates of corpus commissions on termination of trusts or guardianship effective  With respect to the computation of corpus commissions pursuant to N.J.S. 3B:18-28 as to all corpus held by a fiduciary on February 29, 1980, the commissions which may be taken shall be the greater of (i) the commission permitted by law effective prior to February 29, 1980, or (ii) the commission computed pursuant to N.J.S. 3B:18-28; provided that the "annual commissions authorized" to be take for yearly periods ending prior to February 29, 1980, shall be at the rate authorized by the applicable law in effect during that yearly period. L.1981, c. 405, s. 3B:18-33, eff. May 1, 1982. Amended by L.1983, c. 394, s. 3, eff. Dec. 14, 1983.
NJ Rev Stat § 3B:19B-1 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-1 - Short title

3B:19B-1. Short title  1. Short Title. This act shall be known and may be cited as the "Uniform Principal and Income Act of 2001." L.2001,c.212,s.1.
NJ Rev Stat § 3B:19B-2 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-2 - Definitions

3B:19B-2. Definitions  2. Definitions. As used in this act: "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends. "Beneficiary" includes, in the case of a decedent's estate, an heir, legatee and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. "Fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function. "Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in sections 10 through 23 of this act. "Income beneficiary" means a person to whom net income of a trust is or may be payable. "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this act to or from income during the period. "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity. "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates. "Remainder beneficiary" means a person entitled to receive principal when an income interest ends. "Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. "Trustee" includes an original, additional or successor trustee, whether or not appointed or confirmed by a court. L.2001,c.212,s.2.
NJ Rev Stat § 3B:19B-3 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-3 - Fiduciary duties; general principles

3B:19B-3. Fiduciary duties; general principles  3. Fiduciary Duties; General Principles. a. In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 5 through 9 of this act, a fiduciary: (1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this act; (2) may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this act; (3) shall administer a trust or estate in accordance with this act if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and (4) shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this act do not provide a rule for allocating the receipt or disbursement to or between principal and income. b. A fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries.  L.2001,c.212,s.3.
NJ Rev Stat § 3B:19B-6 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-6 - Distribution to residuary and remainder beneficiaries

3B:19B-6. Distribution to residuary and remainder beneficiaries  6. Distribution to Residuary and Remainder Beneficiaries. a. Each beneficiary described in subsection d. of section 5 of this act is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date. b. In determining a beneficiary's share of net income, the following rules apply: (1) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations. (2) The beneficiary's fractional interest in the undistributed principal assets shall be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust. (3) The beneficiary's fractional interest in the undistributed principal assets shall be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation. (4) The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed. c. If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income. d. A fiduciary may apply the rules in this section, to the extent that the fiduciary considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier distribution date from the disposition of a principal asset if this section applies to the income from the asset. L.2001,c.212,s.6.
NJ Rev Stat § 3B:19B-7 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-7 - When right to income begins and ends

3B:19B-7. When right to income begins and ends  7. When Right to Income Begins and Ends. a. An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest. b. An asset becomes subject to a trust: (1) on the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life; (2) on the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or (3) on the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death. c. An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection d. of this section, even if there is an intervening period of administration to wind up the preceding income interest. d. An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income. L.2001,c.212,s.7.
NJ Rev Stat § 3B:19B-8 (2021)
2021 New Jersey Revised Statutes|Title 3B - Administration of Estates--Decedents and Others|Section 3B:19B-8 - Apportionment of receipts and disbursements when decedent dies or income interest begins

3B:19B-8. Apportionment of receipts and disbursements when decedent dies or income interest begins  8. Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins. a. A trustee shall allocate an income receipt or disbursement, other than one to which subsection a. of section 5 of this act applies, to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest. b. A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement shall be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins shall be allocated to principal and the balance shall be allocated to income. c. An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this act. Distributions to shareholders or other owners from an entity to which section 10 of this act applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that are to be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals. L.2001,c.212,s.8.