New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 15-21

(a) an investment which is listed upon a stock, securities or investment exchange, shall be valued at the last recorded sales price in the 10-day period next preceding the valuation date, unless, within the said 10-day period, and subsequent to the date of the last recorded sales price, there have been recorded bid and asked prices, in which case the mean of the latest of such bid and asked prices shall be taken to be the value of such investment. An investment which is not listed upon a stock, securities or investment exchange, but which has an over-the-counter market, shall be valued at the mean of the last recorded bid and asked prices in the 10-day period next preceding the valuation date. If within the said 10-day period, there have been no recorded sales and no recorded bid and asked prices, the investment shall be valued at the mean of the last bid and asked prices as of a date not earlier than 30 days prior to the valuation date, as supplied by 2 stock or securities brokers or dealers deemed by the fiduciary to be reliable. For the purposes of this paragraph, recorded sales prices, and recorded bid and asked prices shall be those which appear in a newspaper of general circulation, or in a financial, statistical, investment, rating or other publication or service, published for the use of and accepted as reliable by investors in like investments, or in the records of a stock, securities or investment exchange.

(b) obligations of the United States which are not transferable or negotiable shall be valued at the issue price thereof.

(c) mortgages on real property, or on the lease of the fee of real property, which are not in default according to their terms, and which represent investments made by a fiduciary acting pursuant to paragraphs i or j of section 3A:15-1 of this title, and which have been made not more than 3 years prior to the valuation date, shall be valued at the principal sums owing thereon on the valuation date.

(d) all other mortgages on real property or on the lease of the fee of real property, including, but not by way of limitation, mortgages acquired pursuant to paragraph i(2) of section 3A:15-1 of this title, and all real property and leases of the fee of real property, shall be valued at the average value placed thereon in a writing or writings signed by two licensed real estate brokers, neither of whom shall be the fiduciary or an employee of the fiduciary, evidencing an appraisal made by them within 3 years prior to the valuation date. However, when the fiduciary is a corporation, such appraisal may be made by 2 persons authorized to appraise real property offered as security for a mortgage loan to be made by such corporation. In no case, shall a mortgage be valued at a sum greater than the principal amount owing thereon.

(e) an investment about to be made, and an investment made and awaiting delivery against payment, shall be valued at the cost of acquisition thereof, and the cash account of the trust estate shall be adjusted to reflect such cost of acquisition.

(f) an investment sold but not delivered pending receipt of the proceeds of sale shall be valued at the net sale price thereof.

(g) uninvested funds of a trust estate shall be included in the aggregate value of all the property of a trust estate to the extent that such funds constitute principal.

(h) a participation in a common trust fund shall be valued in the amount last determined by the trustee maintaining such fund, as of a date not earlier than 3 months prior to the valuation date.

(i) an investment not susceptible of valuation pursuant to the foregoing paragraphs of this section shall be valued in such sum as the fiduciary, exercising ordinary prudence and reasonable discretion under the circumstances then prevailing, shall deem fair and reasonable.