New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 14A-8

A. If a dividend of the nature described in section five of this act is declared by a corporation, after the estate is established, and such corporation designates no record date on or as of which the stockholders of such corporation entitled to such dividend are to be determined, such dividend shall be income to the person who is the tenant on the date when such dividend is declared, regardless whether, at the time of the payment of such dividend, the period during which such person is entitled to income has terminated. There shall be no apportionment of such dividend between such person and a preceding or succeeding tenant, if any, or between such person and the remainderman. If, on the date of declaration of such dividend, there is no tenant, such dividend shall be principal, and there shall be no apportionment thereof between the remainderman and any former tenant.

B. If a dividend of the nature described in section five of this act is declared by a corporation, after the estate is established, and such corporation designates a record date on or as of which the stockholders of such corporation entitled to such dividend are to be determined, such dividend shall be income to the person who is the tenant on such record date, regardless whether, at the time of payment of such dividend, the period during which such person is entitled to income has terminated. There shall be no apportionment of such dividend between such person and a preceding or succeeding tenant, if any, or between such person and the remainderman. If, on the record date, there is no tenant, such dividend shall be principal, and there shall be no apportionment thereof between the remainderman and any former tenant.

C. If a dividend of the nature described in section five of this act is declared by a corporation before the estate is established, and such corporation designates no record date on or as of which the stockholders of such corporation entitled to such dividend are to be determined, and such dividend is paid after the estate is established, such dividend shall be principal.

D. If a dividend of the nature described in section five of this act is declared by a corporation before the estate is established, and such corporation designates a record date on or as of which the stockholders of such corporation entitled to such dividend are to be determined, and such record date falls after the estate is established, such dividend shall be income to the person who is the tenant on such record date, and shall be subject to the provisions of subsection B of this section to the same extent as if such dividend had been declared after the estate was established.