New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 16-5

Whenever it shall be made to appear, to the satisfaction of any court having jurisdiction of the accounts of any fiduciary, on application by the fiduciary or other interested party, after such notice as the court may direct to be given to those interested in the estate or trust, that any real property, improved or unimproved, which constitutes or is comprised within the assets of the estate or trust, because of liens, encumbrances, absence or inadequacy of revenue or other causes or reasons, has such lack of value that it is not worth protecting, and that it is advisable and for the best interests of those interested in the estate or trust to do so, a judgment or order may be made permitting or directing the fiduciary to abandon such real property.

Such an abandonment may be made, if the court so directs, by refraining from paying any real property taxes and assessments in arrears or thereafter assessed, water rents, mortgage principal or interest in arrears or thereafter becoming due, or other liens or encumbrances, and by refraining from making any repairs or replacements with respect to or by refraining from otherwise maintaining or protecting any improvement upon any such improved real property, and by refraining from keeping any such improvement insured against fire or other loss, or by such other methods and in such manner as the court shall direct. The court may direct the fiduciary to continue to pay the cost of such fire, liability and other insurance as he may be able to obtain and deem advisable and to pay such other expense with respect to such real property as he may deem advisable to protect himself and the estate or trust against any liability arising out of the continued ownership thereof. The court may further direct that the fiduciary may, if any one can be found who will take title, convey such real property for a nominal consideration or no consideration so as to avoid any liability of the fiduciary or the estate or trust so arising.