New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 16-18

When, under a mistake or misapprehension of his right or power so to do, a fiduciary appointed in this state or another state has, prior to January 3, 1941, purchased, acquired and taken title to real estate as such fiduciary or as “estate of (name of deceased)”, and such fiduciary was not permitted by law or by his trust to make the investment or acquire and take title to the real estate as such, the fiduciary may without order of the court sell the real estate at public or private sale in his name as such fiduciary, or as fiduciary of the estate, or otherwise, and give a good and sufficient deed of conveyance therefor conveying a marketable title in fee simple in such real estate.

All sales and transfers of real estate heretofore or hereafter made by such a fiduciary who purchased, acquired or took title to real estate under the aforementioned circumstances, are hereby confirmed and made valid, legal and effectual in law. All deeds of conveyance therefore are hereby made good, valid, legal and effectual in law as of the date thereof as conveying a marketable title in fee simple in such real estate.

This section shall not be construed to release from liability to the estate such fiduciary by reason of such improper investment or acquisition of real estate.