New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Appendix A

Current through Register Vol. 56, No. 14, July 15, 2024
The following statements are presented as model forms only:
				the language is not mandatory. The language used must accurately reflect the
				intent of the Act and provide the information required by
				3:1-12.4.
Joint Accounts
This is a joint account. Ownership of this account cannot be
				changed by will.
Each party to this account has a present right to payment from
				this account. Each party owns his/her net contribution to the account. In the
				absence of proof of net contribution, and unless the parties have specifically
				otherwise agreed, each party will own an equal share of this account. The
				financial institution may make payment from this account, including payment of
				the entire account balance, (i) pursuant to any statutory or common law right
				of set off, levy, attachment or other valid legal process or court order,
				relating to the interest of any one or more of the parties; and (ii) on request
				to a trustee in bankruptcy, receiver in any state or Federal insolvency
				proceeding, or other duly authorized insolvency representative of any one or
				more of the parties. The financial institution is not required to determine net
				contributions.
Upon the death of a party to this account:
(a) Where there is only one surviving party,
			 the entire account will belong to the survivor;
(b) Where there are two or more surviving
			 parties each party will continue to own his/her proportionate share. The
			 portion of the account owned by the deceased party will be shared equally by
			 the survivors.
P.O.D. Accounts
This account is a P.O.D. account. Ownership of this account
				cannot be changed by will.
This account belongs to the party/parties to this account
				during their lifetime and belongs to the payee/payees upon the death of all
				parties. The payee/payees have no present right of withdrawal:
(a) Where there are two or more parties, each
			 party has right to payment from the account. Each party owns his/her net
			 contribution. In the absence of proof of net contribution, and unless the
			 parties have specifically otherwise agreed, each party will own an equal share
			 of the account during their lifetimes. Upon the death of a party, the surviving
			 party/parties will continue to own his/her proportionate share of the account.
			 The share owned by the deceased party will be shared equally by the surviving
			 party/parties. Upon the death of the sole surviving party, the account will
			 belong to the P.O.D. payee/payees;
(b) Where there are two or more P.O.D.
			 payee/payees, the account will belong to the payee/payees who survive all
			 parties. Unless otherwise specifically stated in the account by the
			 party/parties, each surviving P.O.D. payee will own an equal share of the
			 account. Unless specifically stated in the account by the party/parties, upon
			 the death of a surviving P.O.D. payee, the remaining P.O.D. payee/payees will
			 not own any portion of the deceased payee's share of the account.
(c) The financial institution may make
			 payment from this account, including payment of the entire account balance, (i)
			 pursuant to any statutory or common law right of set off, levy, attachment or
			 other valid legal process or court order, relating to the interest of any one
			 or more of the parties; and (ii) on request to a trustee in bankruptcy,
			 receiver in any state or Federal insolvency proceeding, or other duly
			 authorized insolvency representative of any one or more of the parties. The
			 financial institution is not required to determine net contributions.
Trust Accounts
This is a trust account. Ownership of this account cannot be
				changed by will.
This account belongs to the trustee/trustees during their
				lifetime of the trustee/trustees and belongs to the beneficiary/beneficiaries
				upon death of all trustees.
(a) Where
			 there are two or more trustees, each trustee has a right to payment from the
			 account. Each trustee owns his/her net contribution. In the absence of proof of
			 net contribution and unless the trustees have specifically otherwise agreed,
			 each trustee will own an equal share of the account during his/her lifetime.
			 Upon the death of a trustee, the surviving trustee/trustees will continue to
			 own his/her proportionate share of the account. The share owned by the deceased
			 trustee will be shared equally by the surviving trustee/trustees. Upon the
			 death of the sole surviving trustee, the account will belong to the
			 beneficiary/beneficiaries;
(b)
			 Where there are two or more beneficiaries, the account belongs to the
			 beneficiary/beneficiaries who survive all the trustees. Unless otherwise
			 specifically stated in the account by the trustee/trustees, each surviving
			 beneficiary will own an equal share of the account. Unless specifically stated
			 in the account by the trustee/trustees, upon the death of a surviving
			 beneficiary, the remaining beneficiary/beneficiaries will not own any portion
			 of the deceased beneficiary's share of the account.
(c) The financial institution may make
			 payment from this account, including payment of the entire account balance, (i)
			 pursuant to any statutory or common law right of set off, levy, attachment or
			 other valid legal process or court order, relating to the interest of any one
			 or more of the parties; and (ii) on request to a trustee in bankruptcy,
			 receiver in any state or Federal insolvency proceeding, or other duly
			 authorized insolvency representative of any one or more of the parties. The
			 Financial institution is not required to determine net contributions.