New Jersey Statutes 3B:14-1. Survivorship and succession among cofiduciaries; duties and powers
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 3B:14-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cofiduciary: means each of two or more fiduciaries jointly serving in a fiduciary capacity. See New Jersey Statutes 3B:1-1
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes executors, general administrators of an intestate estate, administrators with the will annexed, substituted administrators, substituted administrators with the will annexed, guardians, substituted guardians, trustees, substituted trustees and, unless restricted by the subject or context, temporary administrators, administrators pendente lite, administrators ad prosequendum, administrators ad litem and other limited fiduciaries. See New Jersey Statutes 3B:1-1
There shall be survivorship and succession between and among cofiduciaries. If only one fiduciary survives or remains qualified to act, no substituted fiduciary need be appointed to act in the place of any cofiduciary who may have died or may have been removed, discharged or otherwise disabled to act.
The surviving fiduciary or cofiduciaries shall proceed with the duties of the office and shall be entitled to the property and assets, and to sue for and recover them, and to sell and convey them, as if the remaining fiduciary or cofiduciaries had been solely appointed to the office.
L.1981, c. 405, s. 3B:14-1, eff. May 1, 1982.