New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 15-7

Any bank, trust company or savings bank incorporated under the laws of this state acting as fiduciary, and any national bank located in this state acting as fiduciary, and any bank, trust company or savings bank incorporated under the laws of another state which is authorized to act as a fiduciary in this state in accordance with the provisions of article 44 of “An Act concerning banking and banking institutions (Revision of 1948)” approved April 29, 1948 (L.1948, c. 67), and acting as such fiduciary may, when acting as sole fiduciary or when acting as cofiduciary, with the consent of its cofiduciary or cofiduciaries, cause any certificates for shares of stock, bonds, debentures, notes or other securities, herein denominated “securities”, held in fiduciary capacities, to be registered and held in the name of a nominee of the corporate fiduciary without disclosing the fiduciary capacity in which such securities are held; provided, that (1) the records of the fiduciary or fiduciaries and all accounts rendered by it or them shall at all times clearly show the ownership of the securities so registered, (2) such securities shall at all times be kept separate and apart from the assets of such bank, trust company, savings bank or national bank and (3) the nominee shall not have possession of or access to the securities. The corporate fiduciary shall be liable for any loss occasioned by the acts of the nominee with respect to securities so registered. Such cofiduciaries are authorized to give the consent herein required. The provisions hereof shall not apply where any will or trust instrument or any order appointing or relating to any fiduciary or fiduciaries prohibits such securities from being registered in the name of a nominee.