N.J. Admin. Code § 18:26-11.16
Current through Register Vol. 56, No. 21, November 4, 2024
Section 18:26-11.16 - Blanket waiver(a) Notwithstanding any other section contained in this chapter, regarding the release of funds; any banking institution, trust company, or safe deposit company organized under the laws of this State; national bank operating in this State, building and loan or savings and loan association organized in this State; or credit union chartered by the United States and operating in this State; corporation or person may release any amount up to 50 percent of the entire amount of funds on hand held in deposit, which belong to or stand in the name of a resident decedent or in the joint names of such decedent and one or more other persons, to: 3. Legal representative of the decedent;4. Surviving joint tenant;6. The estate of a minor where title to said funds are held in the name of a custodian for said minor, without the written consent of the Director, upon the application of such proper party to the institution, association, organization, corporation, or person above mentioned.(b) The provisions of this section apply to each institution, association or organization, corporation or person listed above with whom a decedent has any funds on deposit, including Certificates of Deposit, and is limited to no more than 50 percent of the funds in the entire account whether such account is held in the decedent's name only or jointly with another, so that where the decedent holds an account jointly, only one half of the funds may be released, not the half claimed by the joint owner and an additional half of the funds belonging to the decedent.(c) In addition to the amount permitted to be released by an institution, association, organization, corporation, or person mentioned in this section, institutions, associations, organizations, corporations, or persons may, without written consent of the Director: 1. Pay any and all checks drawn on any account owned by a decedent individually, jointly, or otherwise, when said checks are issued prior to death and presented for payment within 10 days following the decedent's date of death; except that in the event an executor, administrator, or other proper party above mentioned in this section shall apply for a release of 50 percent of the funds on deposit after 10 days from the decedent's death, the institution, association, organization, corporation, or person mentioned in this section holding the funds shall after having deducted the amount of any checks issued prior to and presented for payment within 10 days of the decedent's death, release 50 percent of the balance in a decedent's account to the proper party upon application and without the written consent of the Director;2. Pay any checks in any amount for which there are sufficient funds held in deposit, drawn on any account owned by a decedent individually, jointly, or otherwise, representing full or partial payment of any New Jersey transfer inheritance tax or estate tax;3. Liquidate the loan of any decedent who has pledged the pass book representing a savings account as collateral for a loan, where upon the death of such a decedent the loan is in default and then make 50 percent of the remaining funds available under the blanket waiver.(d) Securities of a New Jersey corporation registered in the name of a decedent and issued by any bank, or savings and loan association situated in this State, are not subject to the Blanket Waiver rule provided for in this section. Therefore, the written consent of the Director must be obtained in order to transfer or release such assets.(e) The Director reserves the right to direct at any time that any sum or sums not yet paid over must be withheld by the informant pending further order of the Director where that course is deemed imperative to protect the interest of the State.N.J. Admin. Code § 18:26-11.16
Adopted by 50 N.J.R. 1624(a), effective 7/16/2018