New Jersey Statutes 17:9A-449. Assets kept separate, apart; priority of creditors
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Terms Used In New Jersey Statutes 17:9A-449
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
68. a. Each foreign bank which is licensed to transact business in this State shall keep the assets of that business separate and apart from the assets of its business outside this State.
b. The creditors of the business in this State of a foreign bank which is licensed to transact business in this State shall be entitled to priority over other creditors with respect to the assets of the foreign banks’s business in this State.
L.1996,c.17,s.68.