New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX
Subchapter 11 - WAIVERS-CONSENT TO TRANSFER
Section 18:26-11.19 - Transfer of collateral
Universal Citation: NJ Admin Code 18:26-11.19
Current through Register Vol. 56, No. 18, September 16, 2024
(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.
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