New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 7-14.1

Where the estate of a minor for whom a guardian has been or is to be appointed by a surrogate or a County Court, consists of or is likely to consist of the proceeds of a judgment recovered in favor of the minor in any court of this State, the court, on application of the guardian or a person entitled to be appointed as guardian, by its order may dispense with the giving of a bond by the guardian where the order directs that the moneys be paid into a County Court for the benefit of such minor and that such moneys, or any part thereof, shall be deposited to the credit of the court in an interest-bearing account in, or in interest-bearing certificates of deposit of, a responsible bank, savings bank or trust company, or in an account in, or in interest-bearing certificates of deposit of, any savings and loan association of this State, or any Federal savings and loan association, having its principal office in this State, the accounts of which are insured by the Federal Savings and Loan Insurance Corporation, designated by the County Court, or the court may direct that the moneys, or any part thereof, shall be invested by the surrogate of the county, where such guardian has been or shall be appointed, in United States Savings Bonds in the name of the minor, and in the event of the maturity of said bonds during the period of minority, the court may order the surrogate to reinvest the proceeds in other United States Savings Bonds having later maturity date. The custody of said bonds shall be retained by the surrogate, and said moneys or bonds shall be subject to any order in respect thereto as may be made by a court of competent jurisdiction. Such moneys shall be paid out or such bonds surrendered by the surrogate only by order of the court.