New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 15-16

a. A fiduciary holding money shall invest it, even though not required so to do by any will, from which he derives his authority, or otherwise. If he shall not be able to find a proper investment therefor, he shall, within 3 months after receiving the money, apply to the court, to which he is accountable, for instructions, and it may require him to invest the same in such investments and for such length of time as it may allow. Upon neglect so to apply, he shall be accountable for any loss occasioned thereby.

b. If the investment so taken, bona fide and without fraud, shall prove insufficient, loss occasioned thereby shall be the loss of the person, whether legatee, ward, cestui que trust or other person, whose estate or interest is so invested.

c. If the fiduciary cannot make an investment as directed by the court, he shall be accountable for the principal of the money only until it can be invested; but if he shall use any money of the estate in his hands for his own use, he shall be liable for both principal and interest.