New Jersey Statutes 46:30B-61. Custody by state; holder relieved from liability
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Terms Used In New Jersey Statutes 46:30B-61
- Administrator: means the Treasurer of the State of New Jersey, any individual serving as the Acting Treasurer in the absence of the appointed Treasurer, and any State employee to whom the Treasurer has delegated authority to administer the provisions of this chapter and to execute any pertinent documents. See New Jersey Statutes 46:30B-6
- Holder: means a person, wherever organized or domiciled, who is the original obligor indebted to another on an obligation. See New Jersey Statutes 46:30B-6
- Person: means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity. See New Jersey Statutes 46:30B-6
- Property: means tangible property described in R. See New Jersey Statutes 46:30B-6
- State: means any state in the United States, district, commonwealth, territory, insular possession, or any other area subject to the jurisdiction of the United States. See New Jersey Statutes 46:30B-6
46:30B-61. Custody by state; holder relieved from liability. Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the administrator in good faith is relieved of all liability to the extent of the value of the property paid or delivered for any claim then existing or which thereafter may arise or be made in respect to the property. Source: New.
L.1989, c.58, s.1.