New Jersey Statutes 3B:23-29. Bond when remainderman is lineal descendant of holder of determinable estate
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Terms Used In New Jersey Statutes 3B:23-29
- Lineal descendant: Direct descendant of the same ancestors.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Where the person next immediately in remainder is a lineal descendant of the holder of the determinable interest referred to in N.J.S. 3B:23-28, the holder of the determinable interest shall not be required to give security in excess of $50,000.00.
L.1981, c. 405, s. 3B:23-29, eff. May 1, 1982.