New Jersey Statutes 3B:17-4. Account and bond required of cofiduciary
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Terms Used In New Jersey Statutes 3B:17-4
- 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
Upon good cause shown, the Superior Court may order each cofiduciary to account for all assets which may have come into his hands.
The Superior Court may also require a fiduciary to give bond, in a sum and with sureties to be approved by the court, to each of his cofiduciaries to indemnify them against loss due to his neglect, default or breach of trust or to give a like bond to the Superior Court, conditioned for the faithful performance of his duties as a fiduciary and the proper disposition of all assets then in, or thereafter to come into, his hands.
L.1981, c. 405, s. 3B:17-4, eff. May 1, 1982.