N.J. Admin. Code § 18:26-11.19

Current through Register Vol. 56, No. 19, October 7, 2024

Section 18:26-11.19 - Transfer of collateral

(a) A State bank, State banking association, trust company, national bank, national banking association, safe deposit company, or other institution, having in its possession, custody or control, securities or other assets pledged as collateral for a loan of a decedent, may, for the purpose of liquidating a loan or other debt due from a resident decedent:

1. Transfer such collateral from the name of the decedent to its own name upon receiving the written consent of the Director;

2. Sell such collateral to satisfy a loan of a decedent without the written consent of the Director, except that where the collateral pledged consists of the stock of a New Jersey corporation, such stock cannot be transferred by such corporation without the written consent of the Director. Where any excess money is received from a sale, the written consent of the Director must be obtained before delivery of such excess money to a proper party in interest; or

3. Deliver any collateral to the executor or administrator of a decedent upon full payment of the loan or debt without the written consent of the Director.

N.J. Admin. Code § 18:26-11.19

Adopted by 50 N.J.R. 1624(a), effective 7/16/2018