New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 18 - UNCLAIMED PERSONAL PROPERTY › Subchapter 1 - SAFE DEPOSIT BOX POLICIES AND PROCEDURES › Section 17:18-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this chapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise:
"Administrator" means the Treasurer of the State of New
				  Jersey, any individual serving as the Acting Treasurer in the absence of the
				  appointed Treasurer, and any State employee to whom the Treasurer has delegated
				  the authority to administer the provisions of
				  46:30B-1 et seq. and to execute
				  any pertinent documents.
"Apparent owner" means the person whose name appears on the
				  records of the holder as the person entitled to property held, issued or owing
				  by the holder.
"Constructive delivery" means unclaimed property which has
				  been set apart and report of such received and accepted by the State without
				  real transfer or a true conferring of real possession of the property by the
				  holder.
1. This term includes all those acts which have been held by
				  construction of law to be equivalent to acts of real delivery.
2. The conduct of the holder and State shall be such as to be
				  consistent with the presumption that there has been a change in holder.
3. The date on which constructive delivery becomes effective
				  is the postmarked date on the State's letter of acceptance to the holder
				  required under
				  17:18-1.1(e)2.
"Good faith" means that payment or delivery was made in a
				  reasonable attempt to comply with this chapter; that the person delivering or
				  performing constructive delivery of the property was not a fiduciary then in
				  breach of trust in respect to the property and had a reasonable basis for
				  believing, based on the facts then known to him or her, that the property was
				  abandoned for the purpose of this chapter; and there is no showing that the
				  records pursuant to which the delivery was made did not meet the reasonable
				  commercial standards of practice in the industry.
"Holder" means a person, wherever organized or domiciled, who
				  is the original obligor indebted to another on an obligation.
"Holder's right to reimbursement" means that a holder has the
				  right to be reimbursed from the proceeds of the sale of the contents of a safe
				  deposit box or other safekeeping repository for lien charges and sale
				  expenses.
1. If the sale is conducted by the State Treasurer, the
				  State's sale expenses will be deducted from the proceeds prior to any
				  reimbursement to the holder.
"Last known address" means a description of the location of
				  the apparent owner sufficient for the purpose of determining which state has
				  the right to escheat the abandoned property and the zip code of the apparent
				  owners (creditors) last known address is sufficient.
"Lien charges" means the amount due to the holder for rental
				  to the time of removal of contents, and costs of opening, repairing, and
				  restoration.
"Owner" means a person, or the owner's legal representative,
				  who is renting or leasing a safe deposit box, or other safekeeping repository,
				  or otherwise has a legal or equitable interest in property subject to this
				  chapter and includes, but is not limited to, a depositor in the case of a
				  deposit, a beneficiary in the case of a trust other than a deposit in trust,
				  and a creditor, claimant, or payee in the case of other property.
"Person" means an individual, business association, state or
				  other government, governmental subdivision or agency, public corporation,
				  public authority, estate, trust, two or more persons having a joint or common
				  interest, or any other legal or commercial entity.
"Presumption of abandonment" means safe deposit box contents
				  or other safekeeping repository contents are presumed abandoned if unclaimed by
				  the owner for more than five years after the expiration of the lease, rental
				  period, or other custodial agreement. (46:30B-45 ).
"Safe" means a place for the storage and safekeeping of
				  personal property.
"Safe deposit box" means vaults, boxes and receptacles used
				  for the safekeeping of personal property, whether in a safe deposit company,
				  bank, savings and loan association, or other safekeeping repository.
"Safe deposit company" means a corporation organized for the
				  purpose of keeping, maintaining and renting to depositors safe deposit boxes
				  for the safekeeping of personal property.
1. Depositors have exclusive access to the boxes, subject to
				  the oversight and under the rules and regulations of the company.
"Sale expenses" are costs associated with a public auction,
				  due to the holder if held pursuant to
				  17:14A-51 or due to the State if
				  held under N.J.S.A. 46:30-69 and 72.1.
"State" means any state in the United States, district,
				  commonwealth, territory, insular possession, or any other area subject to the
				  legislative authority of the United States.
"Tangible" property includes property having actual form and
				  substance with intrinsic value which is able to be appraised for value.
				  Examples of tangible property are jewelry, works of art, Silver Certificate
				  Notes and rare coins.
"Repository" is a storeroom where things are placed for
				  safekeeping.