New Jersey Statutes 46:30B-21. When automatically renewable property is matured
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Terms Used In New Jersey Statutes 46:30B-21
- Financial organization: means a savings and loan association, building and loan association, credit union, savings bank, industrial bank, bank, banking organization, trust company, safe deposit company, private banker, or any organization defined by other law as a bank or banking organization. See New Jersey Statutes 46:30B-6
- Property: means tangible property described in R. See New Jersey Statutes 46:30B-6
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See New Jersey Statutes 46:30B-6
46:30B-21. When automatically renewable property is matured. Any property described in R.S.46:30B-18 that is automatically renewable is matured for purposes of R.S.46:30B-18 upon the expiration of its initial time period, but in the case of any renewal by communicating in writing with the financial organization or otherwise indicating consent as evidenced by a contemporaneous memorandum or other record on file prepared by an employee of the organization, the property is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in Article 19 of this chapter, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when a penalty or forfeiture would not result.
L.1989, c.58, s.1; amended 2002, c.35, s.17.