Skip to main content
Find a Lawyer

New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 12B-90

Current as of January 01, 2024 | Updated by Findlaw Staff

When a membership account is opened by a person or persons payable on death to a beneficiary or beneficiaries in the manner provided in the “Multiple-party Deposit Account Act,”  1 and the account is terminated as provided in section 5b(2) of said act,  2 and if the named beneficiary or all of the beneficiaries so named survive the death of the person or persons opening such an account and are under 16 years of age at such time, the association shall pay the moneys to the credit of the account, less all proper set-offs and charges.  3

a. When or after the named beneficiary becomes 16 years of age, to the named beneficiary or upon his order, or

b. When more than one beneficiary is named, the association shall pay to the beneficiary so named his proportionate interest in such account as he becomes 16 years of age, or

c. To the legal guardian of the named beneficiary, wherever appointed, or where more than one beneficiary is named, the association shall pay such beneficiary's proportionate interest in such account to his legal guardian wherever and whenever appointed, or

d. If a certificate of appointment of a legal guardian is not filed with the association, to a person authorized to receive such moneys, or proportionate interest thereof, pursuant to sections 3A:6-31 and 3A:6-32 of the New Jersey Statutes.  4

1 N.J.S.A. § 17:16I-1 et seq.
2 N.J.S.A. § 17:16I-5.
3 So in enrolled bill.
4 Both repealed; see, now, N.J.S.A. §§ 3B:12-6 to 3B:12-11.
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 12B-90 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-17-corporations-and-institutions-for-finance-and-insurance/nj-st-sect-17-12b-90/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard