New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 16-6

Whenever it shall be made to appear, to the satisfaction of any court having jurisdiction of the accounts of any fiduciary, on accounting proceedings or on special application by the fiduciary or other interested party, after such notice as the court may direct, that the fiduciary has abandoned any real property, by refraining from paying real property taxes, assessments, water rents, mortgage principal or interest, or other liens or encumbrances, or by refraining from making repairs or improvements, or otherwise, after determination by the fiduciary in good faith and in the exercise of reasonable discretion that such real property because of liens, encumbrances, absence or inadequacy of revenue or other causes or reasons had such lack of value that it was not worth protecting, and that it was advisable and for the best interests of those interested in the estate or trust to abandon such real property, or that as the result of such abandonment, the fiduciary has been divested of title to or right to possession of such real property by foreclosure of mortgage or by the enforcement of any other lien or encumbrance, or otherwise, a judgment or order may be made on such terms and conditions, if any, as the court shall deem just, ratifying and approving the abandonment of such real property and if the fiduciary still has title to such real property, authorizing the fiduciary to convey all right, title and interest therein for a nominal consideration or no consideration in order to avoid liability which might arise by reason of the continued ownership thereof.