New Jersey Statutes 17:13-108. Inactive accounts; special reserve accounts; escheat of funds
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Terms Used In New Jersey Statutes 17:13-108
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
When no transaction has occurred in a member’s share or deposit account for 12 months and his whereabouts are unknown, as verified by the return of a certified letter addressed to him at his last known address, all sums due to the member shall be credited to a special reserve account. If the sums are not reclaimed within a five year period, they shall escheat to the State and be forwarded to the Treasurer of the State of New Jersey.
L.1984, c. 171, s. 30, eff. Oct. 31, 1984.