New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 6-32.1

Any person under a duty to pay or deliver money or personal property to a minor may perform this duty, in amounts not exceeding $5,000.00 per annum, by paying or delivering the money or property to, (a) the minor, if he is married; (b) a parent or parents of the minor; (c) any person having the care and custody of the minor with whom the minor resides; (d) a guardian of the person of the minor; or (e) a financial institution incident to a deposit in a Federally-insured savings account in the sole name of the minor and giving notice of the deposit to the minor. This act does not apply if the person making payment or delivery has actual knowledge that a guardian of the estate of the minor has been appointed or that an action for the appointment of a guardian of the estate of the minor is pending. The persons, other than the minor or any financial institution under (e) above, receiving money or property for a minor, are obligated to apply so much or all of the money or the income or proceeds of the property for the support, maintenance, education, general use and benefit of the minor in the manner, at the time or times and to the extent that such persons, in an exercise of reasonable discretion, deem suitable and proper, with or without court order, with due regard to the duty and ability of themselves or of any other person to support the minor, and with or without regard to any other funds, income or property which may be available for any such purpose. But such persons may not pay themselves except by way of reimbursement for out-of-pocket expenses for goods and services necessary for the minor's support. Any excess sums shall be preserved for future support of the minor and any balance not so used and any property received for the minor must be turned over to the minor when he attains 18 years of age. Persons who pay or deliver in accordance with provisions of this act are not responsible for the proper application thereof.