reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-10 - Presentation of claim

3B:22-10. Presentation of claim
Where the assets of an estate exceed the amount needed to pay claims presented within the time limited pursuant to N.J.S. 3B:22-4, a claimant, who has failed to present his claim within the time so limited, may present the claim, in the form required by that section, to the personal representative at any time before the remaining assets of the estate shall have been distributed or paid over pursuant to law.
L.1981, c. 405, s. 3B:22-10, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-11 - Acceptance or rejection of claim

3B:22-11. Acceptance or rejection of claim
The personal representative shall, if satisfied that the claim is correct and should be paid, pay the claim or so much thereof as the amount of the assets available for distribution will permit. If not satisfied with the correctness thereof, the personal representative shall notify the claimant, his agent or attorney, to proceed forthwith to establish the disputed claim, or part thereof, by judgment. In that case the personal representative shall retain from the assets available for distribution a sum sufficient to pay the amount of the claim, together with interest and costs, until the claimant shall have had an opportunity to establish his claim by judgment.
L.1981, c. 405, s. 3B:22-11, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-12 - Action on unrejected claim

3B:22-12. Action on unrejected claim
If a personal representative fails to pay a claim presented pursuant to N.J.S. 3B:22-11, the claimant may bring an action against the personal representative to recover on his claim in any court of competent jurisdiction.
L.1981, c. 405, s. 3B:22-12, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-13 - Failure to sue after notice to perfect claim; claim debarred

3B:22-13. Failure to sue after notice to perfect claim; claim debarred
If a creditor fails to commence an action upon his claim within 1 month after being notified to establish the claim by judgment, as provided by N.J.S. 3B:22-11, he shall be thereafter forever barred from any action against the personal representative to recover on the claim.
L.1981, c. 405, s. 3B:22-13, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-14 - Direction of court before paying claims not presented within 9-month period.

3B:22-14 Direction of court before paying claims not presented within 9-month period.
3B:22-14. Direction of court before paying claims not presented within 9-month period.
A personal representative may not be compelled to pay any claim not presented within the period limited pursuant to N.J.S. 3B:22-4, unless the court shall, for good cause shown, so direct or until his account has been settled by the court and the court has authorized or directed him to make the payment.
Amended 2005, c.160, s.16.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-15 - Failure to file refunding bond; presumption that devise or distributive share remains unpaid

3B:22-15. Failure to file refunding bond; presumption that devise or distributive share remains unpaid
In an action by a creditor against a personal representative, for the payment of a ratable proportion of his debt, it shall be presumed that the assets of the estate due a devisee or heir have not been paid over to him, if no refunding bond from the devisee or heir is on file. However, the presumption may be rebutted by proof that the devise or distributive share was actually paid over to him.
L.1981, c. 405, s. 3B:22-15, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-16 - Action upon refunding bond of devisee or heir

3B:22-16. Action upon refunding bond of devisee or heir
A claimant against an estate who has failed to present his claim in due form within the time required, may bring an action in his own name without leave of court on a refunding bond given by a devisee or heir and recover the proportion of his claim which ought to be paid out of the devise or distributive share for which the bond was given.
Recovery on a refunding bond shall in no case exceed the amount actually received by the devisee or heir furnishing the bond.
L.1981, c. 405, s. 3B:22-16, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-17 - Defense to action on fiduciary's bond in certain cases

3B:22-17. Defense to action on fiduciary's bond in certain cases
A fiduciary, who has received a devise or distributive share from a personal representative and has given a refunding bond therefor, may set up in absolute bar to an action on the bond, that he has lawfully paid out and distributed the devise or distributive share to the person entitled thereto, and has taken a refunding bond therefor from that person. If the fiduciary has paid out a part only of the devise or distributive share and has taken a similar refunding bond therefor, he may defend in like manner as to the part so paid or distributed.
L.1981, c. 405, s. 3B:22-17, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-18 - Action on refunding bond of ultimate devisee or heir

3B:22-18. Action on refunding bond of ultimate devisee or heir
A creditor may sue on a bond taken by a fiduciary pursuant to N.J.S. 3B:22-17, in the same manner and with like effect as if the original personal representative had made payment or distribution directly and had taken the bond himself.
L.1981, c. 405, s. 3B:22-18, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-19 - Assets being administered here subject to claims established wherever personal representative appointed

3B:22-19. Assets being administered here subject to claims established wherever personal representative appointed
All assets of estates being administered in this State are subject to all claims and charges existing or established against the personal representative wherever appointed.
L.1981, c. 405, s. 3B:22-19, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-20 - Payment of claims where assets insufficient

3B:22-20. Payment of claims where assets insufficient
If the estate either in this State or as a whole is insufficient to cover all claims and prior charges, each claimant whose claim has been allowed either in this State or elsewhere in administrations of which the personal representative is aware, is entitled to receive payment of an equal proportion of his claim. If a preference or security in regard to a claim is allowed in another jurisdiction but not in this State, the creditor so benefited is to receive dividends from local assets only upon the balance of his claim after deducting the amount of the benefit.
L.1981, c. 405, s. 3B:22-20, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-21 - Payment of claims allowed in this State out of local assets; delivery of surplus assets to domiciliary personal representative

3B:22-21. Payment of claims allowed in this State out of local assets; delivery of surplus assets to domiciliary personal representative
In case the claims and prior charges of the entire estate exceed the total value of the portions of the estate being administered separately and this State is not the state of the decedent's last domicile, the claims allowed in this State shall be paid their proportion if local assets are adequate for the purpose, and the balance of local assets shall be transferred to the domiciliary personal representative. If local assets are not sufficient to pay all claims allowed in this State the amount to which they are entitled, local assets shall be marshaled so that each claim allowed in this State is paid its proportion as far as possible, after taking into account all dividends on claims allowed in this State from assets in other jurisdictions.
L.1981, c. 405, s. 3B:22-21, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-22 - Real property liable only 1 year for debts

3B:22-22. Real property liable only 1 year for debts
The real property of any person who shall die seized thereof or entitled thereto shall be and remain liable for the payment of his debts for 1 year after his decease, but may be sold free from liability for payment of debts by his personal representative upon application to the court upon terms and conditions as the court may direct for the protection of creditors, any alienation or encumbrance made or attempted to be made by his heirs or devisee to the contrary notwithstanding. Nothing herein contained shall affect any right of dower or curtesy in the real property.
L.1981, c. 405, s. 3B:22-22, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-23 - Time not extended by general words in will

3B:22-23. Time not extended by general words in will
The period of 1 year fixed in N.J.S. 3B:22-22, shall not be deemed to be extended by any directions in a will that just debts be paid. Any charge upon real property created by any directions in a will that just debts be paid shall not attach to the real property beyond the period of 1 year fixed in that section, unless the will contains express language to the effect that the debts shall remain a lien upon the real property for a longer period.
L.1981, c. 405, s. 3B:22-23, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-24 - Article not to affect liability of heirs or devisees

3B:22-24. Article not to affect liability of heirs or devisees
Nothing contained in this article shall affect any liability of heirs and devisees under article 8 of this chapter.
L.1981, c. 405, s. 3B:22-24, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-25 - Sale of property subject to escheat to pay debts

3B:22-25. Sale of property subject to escheat to pay debts
In any case where property may be subject to escheat to the State, proceedings to sell the property to pay debts may be taken as provided in this article.
L.1981, c. 405, s. 3B:22-25, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-26 - Direction of court as to sale

3B:22-26. Direction of court as to sale
If it shall appear to the satisfaction of the court that property of which a decedent died seized or possessed is subject to escheat to the State and that it is necessary to sell the property in order to pay debts of the decedent, the court shall direct the personal representative of the decedent's estate to sell the property or so much thereof as may be necessary for that purpose.
L.1981, c. 405, s. 3B:22-26, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-27 - Estate passed by sale or conveyance

3B:22-27. Estate passed by sale or conveyance
A sale or conveyance of property directed to be sold by the court, as provided in N.J.S. 3B:22-26, when made by a personal representative, shall vest in the purchaser all the estate of which the decedent was seized or possessed at the time of his death.
L.1981, c. 405, s. 3B:22-27, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-28 - Effect of confirmation

3B:22-28. Effect of confirmation
When property is sold pursuant to N.J.S. 3B:22-26 and the sale is confirmed by the court directing the sale, the judgment or order confirming the sale or a certified copy thereof shall be conclusive evidence in all courts of the validity of the proceedings for sale and of the fulfillment of statutory requirements.
The judgment or order may be set aside or reversed by appropriate proceedings for that purpose; but the proceedings shall not affect a bona fide purchaser, and the purchaser, his heirs and assigns, shall hold the property so purchased, notwithstanding the setting aside or reversal and notwithstanding any defect in the proceedings for sale.
L.1981, c. 405, s. 3B:22-28, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-29 - Accounting; surplus from sale payable to State Treasurer

3B:22-29. Accounting; surplus from sale payable to State Treasurer
After accounting duly made by the personal representative and after the payment of debts and just expenses, fees and commissions of every sort, if no heirs at law of the decedent, to whom distribution may be made pursuant to the provisions of law, have made claim to any surplus remaining from the sale, the court shall order the surplus to be paid over to the State Treasurer. Upon receiving the State Treasurer's receipt therefor, the personal representative shall have no further obligation with respect to the surplus.
L.1981, c. 405, s. 3B:22-29, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-30 - Distribution by State Treasurer; proof of claim required of claimants

3B:22-30. Distribution by State Treasurer; proof of claim required of claimants
After payment to the State Treasurer, no distribution of the surplus shall be made to any heir or other person interested in the property from the sale of which the surplus so paid over to the State Treasurer arose, unless the heir or other person shall have secured a judgment under the "Uniform Declaratory Judgments Act" (Article 9 of chapter 16 of Title 2A, of the New Jersey Statutes) establishing his right thereto. Upon receipt of a certified copy of the judgment, the State Treasurer shall distribute the surplus to the person or persons entitled thereto according to their respective interests. Payment shall be made by the State Treasurer upon proof by the person as to his identity and right to payment under the judgment.
L.1981, c. 405, s. 3B:22-30, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-31 - Payment of share to established claimant; State Treasurer released as to subsequent claimants; recovery by claimant from distributee

3B:22-31. Payment of share to established claimant; State Treasurer released as to subsequent claimants; recovery by claimant from distributee
After the State Treasurer has made payment to any person or persons in accordance with the declaratory judgment, as provided in N.J.S. 3B:22-30, no recovery may be had against the State Treasurer by any other person who may thereafter establish in any court proceeding his contrary interest in the surplus or the property from the sale of which the surplus arose. However, any other person who may thereafter establish in any court proceeding his contrary interest therein shall, as to the portion of the surplus remaining in the State Treasurer's hands, be entitled to his proportionate share thereof and, in addition thereto, may bring an action at law against the persons to whom distribution has been made by the State Treasurer, to recover his proportionate share of that portion of the surplus so distributed by the State Treasurer.
L.1981, c. 405, s. 3B:22-31, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-32 - Distribution among creditors to be pro rata; preferred debts excepted

3B:22-32. Distribution among creditors to be pro rata; preferred debts excepted
If the estate of a decedent is insufficient to pay his debts, his estate shall be applied to the preferred expenses and debts in accordance with N.J.S. 3B:22-2, and the balance shall be distributed among his creditors in proportion to the sum due to each.
L.1981, c. 405, s. 3B:22-32, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-33 - Claims not presented in time barred; exception; extension of time

3B:22-33. Claims not presented in time barred; exception; extension of time
If an estate is adjudged insolvent, any creditor who fails to exhibit his claim to the personal representative within the time limited and prescribed by N.J.S. 3B:22-4 shall be forever barred from prosecuting or recovering thereon unless the estate shall prove sufficient, after all claims exhibited and allowed are fully satisfied, or the creditors shall find some other asset not accounted for by the personal representative before distribution, in which case the creditor shall receive his ratable proportion therefrom. However, the court, before distribution made, may upon the application of any creditor of any insolvent decedent and after notice to the personal representative, extend the time within which claims may be presented by creditors of the decedent upon terms as the court may deem just.
L.1981, c. 405, s. 3B:22-33, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-34 - Authority of court to pass upon claims against the estate and upon amount and value of estate

3B:22-34. Authority of court to pass upon claims against the estate and upon amount and value of estate
In an action to have an estate adjudged insolvent, the court may adjudicate upon and determine the amount and value of the estate and the liability of the estate on claims made against it.
L.1981, c. 405, s. 3B:22-34, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-35 - Judgment of insolvency; sale of assets

3B:22-35. Judgment of insolvency; sale of assets
If upon an adjudication and determination, it appears to the court that the estate is insufficient to pay the debts, or whenever it appears to the satisfaction of the court, upon consideration of the claims of creditors and the amount of estate and the value thereof that the estate is insufficient to pay the debts and that the estate is likely to be insolvent, the court may enter judgment to this effect, and direct the personal representative to proceed as if the estate were insolvent, and to make sale of the whole or any part of the estate of his decedent, from time to time, as may appear expedient.
L.1981, c. 405, s. 3B:22-35, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-36 - Proceeds; distribution

3B:22-36. Proceeds; distribution
Proceeds of the estate which come to the hands of the personal representative shall be distributed under direction of the court, from time to time, as may be found convenient and just.
L.1981, c. 405, s. 3B:22-36, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-37 - Residue after debts to go to heirs or devisees

3B:22-37. Residue after debts to go to heirs or devisees
If full payment of debts and claims is made, and there remains a residue, the residue shall be divided among the heirs of an intestate in the proportions as provided by law, or in case of a will, to the devisees as the will directs.
L.1981, c. 405, s. 3B:22-37, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-38 - Certain actions against personal representative saved

3B:22-38. Certain actions against personal representative saved
Nothing contained in this article shall prevent a person from maintaining an action against the personal representative for, or in respect of, waste or misapplication of the estate of his decedent.
L.1981, c. 405, s. 3B:22-38, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-39 - "Heirs and devisees" defined.

3B:22-39 "Heirs and devisees" defined.
3B:22-39. As used in this article, heirs and devisees shall include the heirs and devisees of a deceased debtor and the heirs and devisees of any of them, who shall have died before the commencement of the action, authorized by this article, to whom any of the real or personal property, of which the debtor died seized or possessed, descended or was devised.
Amended 2004, c.132, s.85.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-40 - Heirs and devisees liable for debt of decedent

3B:22-40. Heirs and devisees liable for debt of decedent
Every creditor, whether by simple contract or specialty, and whether or not the heirs or devisees are mentioned therein, shall have and may maintain by virtue of this article an action against the heirs and devisees of his deceased debtor dying seized or possessed of any real or personal property. The heirs or devisees shall be liable to pay the debt by reason of the descent or devise of the real or personal property to them in the manner provided in this article. In all actions creditors shall be preferred as in actions against personal representatives.
L.1981, c. 405, s. 3B:22-40, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-41 - Joinder of parties

3B:22-41. Joinder of parties
The action shall be brought against all of the heirs and devisees of the deceased debtor who can be found within the State.
L.1981, c. 405, s. 3B:22-41, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-42 - General judgment; special judgment

3B:22-42. General judgment; special judgment
If the debt be found due, the judgment against any heir or devisee shall be general for the full amount found due, unless the heir or devisee shall admit in the action the descent or devise of the estate to him, specifically describing it, in which case the judgment shall be special against him to be made out of the estate so descended and devised alone.
L.1981, c. 405, s. 3B:22-42, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-43 - Liability in case of sale or transfer of estate

3B:22-43. Liability in case of sale or transfer of estate
In the event an estate descended or devised to any heir or devisee has been bona fide sold or transferred prior to the commencement of the action, it shall not be liable for the debt or for any judgment obtained in an action against him. In that event, if in an action against him the debt be found due, the judgment against him shall be general for the full amount thereof, unless he shall admit in the action the descent or devise of the estate to him, specifically describing it, in which case the judgment shall be general for the amount so found due, but only to the value of the estate descended or devised, and sold or transferred.
L.1981, c. 405, s. 3B:22-43, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:22-44 - Contribution between heirs and devisees liable

3B:22-44. Contribution between heirs and devisees liable
Contribution between heirs and devisees liable under this article may be had as heretofore.
L.1981, c. 405, s. 3B:22-44, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:23-1 - Distribution of assets in kind

3B:23-1. Distribution of assets in kind
Except where a will authorizes distribution to be made in cash or in kind, the distributable assets of an intestate's estate or testator's estate shall be distributed in kind to the extent reasonably possible through application of the following provisions:
a. A specific devisee is entitled to distribution of the thing devised to him;
b. Any devise payable in money or an intestate share may be satisfied by value in kind provided:
(1) The person entitled to the payment has not demanded payment in cash;
(2) The property distributed in kind is valued at fair market value as of the date of its distribution; and
(3) No residuary devisee has requested that the asset in question remain a part of the residue of the estate.
L.1981, c. 405, s. 3B:23-1, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:23-2 - Valuation of assets

3B:23-2. Valuation of assets
For the purpose of valuation under subsection b. of N.J.S. 3B:23-1 securities regularly traded on recognized exchanges, if distributed in kind, are valued at the price for the last sale of like securities traded on the business day prior to distribution, or if there was no sale on that day, at the mean between amounts bid and offered at the close of that day. Assets consisting of sums owed the decedent or the estate by solvent debtors as to which there is no known dispute or defense are valued at the sum due with accrued interest or discounted to the date of distribution. For assets which do not have readily ascertainable value, a valuation as of a date not more than 30 days prior to the date of distribution, if otherwise reasonable, controls. For purposes of facilitating distribution, the personal representative may ascertain the value of the assets as of the time of the proposed distribution in any reasonable way, including the employment of qualified appraisers, even if the assets may have been previously appraised.
L.1981, c. 405, s. 3B:23-2, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:23-3 - Method of distribution

3B:23-3. Method of distribution
If the personal representative of either a testate or an intestate estate has, in the exercise of good faith and reasonable discretion, continued to hold in kind the distributable assets of an intestate estate or of the residue of a testate estate, the assets shall be distributed in kind if there is no objection to the proposed distribution and it is practicable to distribute undivided interests, otherwise those assets shall be converted into cash for distribution.
L.1981, c. 405, s. 3B:23-3, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:23-4 - Proposal of distribution; contents; time to object

3B:23-4. Proposal of distribution; contents; time to object
After the probable charges against the estate are known, the personal representative may mail or deliver a proposal for distribution to all persons who have a right to object to the proposed distribution. The proposal shall notify all persons who have a right to object to the proposal of their right to object and that their objection must be in writing and received by the personal representative within 30 days after the mailing or delivery of the proposal. The right of any distributee to object to the proposed distribution on the basis of the kind or value of asset he is to receive, if not waived earlier in writing, terminates if he fails to object in writing received by the personal representative within 30 days after mailing or delivery of the proposal.
L.1981, c. 405, s. 3B:23-4, eff. May 1, 1982.
2023 New Jersey Revised Statutes › Title 3B - Administration of Estates--Decedents and Others › Section 3B:23-5 - Instrument of distribution

3B:23-5. Instrument of distribution
If distribution in kind is made, the personal representative may and, if requested, shall execute an instrument or deed of distribution assigning, transferring or releasing the assets to the distributee as evidence of the distributee's title to the property.
L.1981, c. 405, s. 3B:23-5, eff. May 1, 1982.