The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise.
"Act" meanset seq., which may also be cited as "Multiple Party Deposit Account Act."
"Account" means a contract of deposit of funds between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, share account and other like arrangement.
"Beneficiary" means a person named in a trust account as one for whom a party to the account is named as trustee.
"Financial institution" means any organization authorized to do business under State or Federal laws relating to financial institutions, including, without limitation, banks and trust companies, savings banks, building and loan associations, and savings and loan associations.
"Joint account" means an account payable on request to one or more of two or more parties whether or not mention is made of any right of survivorship, and regardless whether the names of the parties are stated in the conjunctive or in the disjunctive.
"Multiple party account" means any of the following types of account: a joint account; a P.O.D. account; or a trust account. It does not include accounts established for deposit of funds of a partnership, joint venture, or other association for business purposes, or accounts controlled by one or more persons as the duly authorized agent or trustee for a corporation, unincorporated association, charitable or civic organization or a regular fiduciary or trust account where the relationship is established other than by deposit agreement.
"Net contribution" means the contribution of a party to a joint account as of any given time which is the sum of all deposits thereto made by or for him, less all withdrawals made by or for him which have not been paid to or applied to the use of any other party, plus a pro-rata share of any interest or dividends included in the current balance. The term includes, in addition, any proceeds of deposit life insurance added to the account by reason of the death of the party, whose net contributions is in question.
"Party" means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple-party account. A P.O.D. payee or beneficiary of a trust account is a party only after the account becomes payable to him by reason of his surviving the original payee or trustee. Unless the context otherwise requires, it includes a guardian, conservator, personal representative, or assignee, including an attaching creditor, of a party. It also includes a person identified as a trustee of an account for another whether or not a beneficiary is named, but it does not include any named beneficiary unless he has a present right of withdrawal.
"Payment" means a withdrawal, payment on check or other directive of a party, and any pledge of sums on deposit by a party of any setoff, or reduction or other disposition of all or part of an account pursuant to a pledge. Payment to a third person pursuant to check or otherwise is a withdrawal.
"P.O.D. account" means an account payable on request to one person during lifetime and on his death to one or more P.O.D. payees, or to one or more persons during their lifetimes and on the death of all of them to one or more P.O.D. payees.
"P.O.D. payee" means a person designated on a P.O.D. account as one to whom the account is payable on request after the death of one or more persons.
"Request" means a proper request for withdrawal, or a check or order for payment, including special requirements concerning necessary signatures and regulations of financial institutions. A notice of intent to withdraw is treated as a request for withdrawal.
"Trust account" means an account in the name of one or more parties as trustee for one or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the financial institution and there is no subject of the trust other than the sums on deposit in the account; it is not essential that payment to the beneficiary be mentioned in the deposit agreement. A trust account does not include a regular trust account under a testamentary trust of a trust agreement which has significance apart from the account or a fiduciary account arising from a fiduciary relation such as attorney-client.
"Written notice or order" means the notice or order necessary to access or affect an account which notice is effecting for a particular transaction from the time it is brought to the attention of the individual conducting that transaction.
N.J. Admin. Code § 3:1-12.1
See: 33 New Jersey Register 213(a), 33 New Jersey Register 1087(a).
In opening paragraph, deleted last sentence; in "Act", deleted "chapter 491. Public Laws of 1979," preceding "N.J.S.A. 17:16I-1".