New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 7-10

If the value of an estate or fund is so great that the court in which the fiduciary received his letters or appointment or to which he is accountable deems it inexpedient to require security in the full amount prescribed by law, or if the estate or fund is in cash or is invested in securities in which a fiduciary may by law invest money intrusted to him in his fiduciary capacity without special order of any court, the said court may direct that any securities for the payment of money belonging to the estate or fund be deposited in some savings bank, savings institution or trust company incorporated under the laws of this state, or in some national bank, having safe deposit boxes for the use of private individuals, and that any money belonging to the estate or fund be deposited in some savings bank, savings institution or trust company incorporated under the laws of this state or in some national bank, which depository shall be approved by the court when it directs the making of the deposit.