New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 14A-2

A. This act shall govern, to the extent herein provided, the ascertainment of principal and income in respect to securities held in an estate, only in those cases where the trust instrument makes no provision governing the ascertainment or allocation of principal and income in respect to any one or more of the particulars covered by this act, and where a fiduciary is required, pursuant to the trust instrument, to make allocation of such principal and income.

B. Where the trust instrument makes provision for the ascertainment of principal and income, or grants discretion to the fiduciary or other person to do so, such provision or such grant of discretion shall control, notwithstanding any provision of this act to the contrary.

C. This act shall not apply to any securities which the fiduciary is under a duty, arising either by law or by the terms of a trust instrument, to convert into another form of investment.