New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX
Subchapter 11 - WAIVERS-CONSENT TO TRANSFER
Section 18:26-11.17 - Funds held in a banking institution
Universal Citation: NJ Admin Code 18:26-11.17
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Except as otherwise indicated in this chapter, unless a waiver is first obtained, no banking institution, trust company, or safe deposit company organized under the laws of the State of New Jersey; national bank operating in the State of New Jersey; building and loan or savings and loan association organized under the laws of the State of New Jersey; credit unions chartered by the United States operating in the State of New Jersey; corporation; or person may release or transfer any funds, securities, deposits, or other assets belonging to or on deposit to the credit of a decedent whether held:
1. In the name of the decedent
individually, as co-depositor, jointly, trustee, agent, cestui que trust, or in any
other capacity, except when held as custodian for a minor pursuant to N.J.S.A.
46:38-1et seq.; or
2. As rental security
deposits under the provisions of N.J.S.A. 47:8-19et seq. 18:26-11.18 Funds held in
bank accounts
(a) Bank accounts. Where funds are
held on deposit in any bank to the credit of a person and payable on the death of
such person to a named beneficiary, upon the death of the named beneficiary, no
waiver is required to transfer or release the funds to such person, however, a
waiver is required to transfer or release such funds to the beneficiary upon the
death of the principal.
(b) Double
dollar accounts. Where, upon the death of a decedent having funds on deposit to his
or her credit, individually, in a joint account with right of survivorship or
trustee account, in a banking institution located in New Jersey, there is credit to
the account the proceeds of a life insurance contract, the consent of the Director
is required to release the amount on deposit after credited thereto the proceeds of
the life insurance policy. In order to determine the taxability thereof, the type of
account is to be indicated on the return.
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