New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 25-8

When it appears, upon allowance of the final or intermediate account of an administrator that the balance available for distribution is composed in whole or in part of bonds, mortgages, shares of stock, loans on personal security or other security which came to him as investments of his intestate, and a minor or mental incompetent is entitled to the balance, or to share therein, the court where he is accountable, may in an action by the administrator direct the sale or conversion of the securities or direct their distribution in kind or authorize the guardian to accept such portion thereof as would be equal in money to the amount of his ward's distributive share of the whole balance. The guardian, if any there be, may join in the action and ask direction as to the acceptance thereof.

An administrator distributing in kind or a guardian accepting distribution in kind pursuant to a judgment hereunder, shall be as fully exonerated and acquitted as if the balance had been distributed in money and the same were invested according to law and a guardian shall not be accountable for any loss by reason of accepting such distribution.