N.J. Admin. Code § 17:18-1.1

Current through Register Vol. 56, No. 23, December 2, 2024
Section 17:18-1.1 - Declaration of policy
(a) All abandoned safe deposit boxes and other safekeeping repositories shall be individually reported regardless of content value.
1. Contents of some commercial value or insubstantial commercial value shall be detailed pursuant to 17:14A-51 and pursuant to 46:30B-46 through 50 and these rules.
2. For the purposes of the report requirements, items of insubstantial commercial value, may be grouped under the heading "Insubstantial Commercial Value" and need not be individually listed for each safekeeping unit.
(b) Each safe deposit box or other safekeeping repository will stand alone with regard to assets therein, lien charges, sale expenses and sale proceeds.
1. If a sale is held, the holder may not add together all proceeds from all boxes or repositories and from that total of proceeds retain or be reimbursed for all the lien charges and sale expenses due on all the boxes or repositories. Each box must be accounted for separately, in all respects.
2. Safe deposit box or repository charges shall only be reimbursed, pursuant to 46:30B-67, if the items are sold at auction and there are funds available after the State's administrative costs have been satisfied. These charges shall be documented on the report for each owner with supporting evidence held for future audit. If the owner claims the contents prior to sale, the claimant shall receive the contents without charge.
(c) The holder is required to report electronically to the State, consistent with the State format for reporting safe deposit box or other safekeeping repository records (see 17:18-1.3) . The electronic format to be used shall be that which is approved by the Administrator.
(d) The State Treasurer will generally not assume custody of property prior to the presumption of abandonment.
(e) Upon presumption of abandonment, the holder shall file the required report pursuant to 46:30B-46 through 50 and this chapter, using the State-approved format, State forms UP-1S and UP-3.
1. If a sale has been held, the excess proceeds must accompany the report. The report must contain a detailed listing of all property to be auctioned, as well as property not to be auctioned and include any fees that have been deducted.
2. The State will notify the holder via written or oral communication within 120 days of the report, of acceptance or constructive delivery (see 17:18-1.6) or of its intent to inspect any tangible property.
(f) The Unclaimed Property Administration shall not accept deliveries of safekeeping contents by mail or in person from holders. A representative of the Unclaimed Property Administration shall review each report at the holder's location to assure that the reported inventory is consistent with the delivery. All delivery arrangements shall be made by the Unclaimed Property Administration.

N.J. Admin. Code § 17:18-1.1

Amended 46 N.J.R. 1713(a), effective 7/21/2014.