New Jersey Statutes 3B:18-31. Authorization in testator’s will as to commissions exceeding legal rates
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Terms Used In New Jersey Statutes 3B:18-31
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
No commissions in excess of those authorized in this article shall be paid to a fiduciary acting as a trustee under a will unless the testator, in his last will acknowledges that he is aware of the commissions specified in this article and expressly authorizes payment of commissions in excess thereof. The absence of an express authorization to pay excess commissions shall not preclude the court from allowing commissions as provided in N.J.S. 3B:18-29.
L.1981, c. 405, s. 3B:18-31, eff. May 1, 1982.