New Jersey Statutes 3B:18-2. Commissions of nontestamentary trustee
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Terms Used In New Jersey Statutes 3B:18-2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
On the settlement of the account of a nontestamentary trustee, as defined in N.J.S. 3B:17-9, the court shall allow him the compensation as may have been agreed upon by the instrument creating the trust; and in the absence of any express provision concerning compensation, shall allow him commissions in accordance with this chapter.
L.1981, c. 405, s. 3B:18-2, eff. May 1, 1982.