New Jersey Statutes 46:30B-65. Defending and indemnifying holder against claims for property paid or delivered
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Terms Used In New Jersey Statutes 46:30B-65
- 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
- Apparent owner: means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder. See New Jersey Statutes 46:30B-6
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- 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-65. Defending and indemnifying holder against claims for property paid or delivered. If the holder pays or delivers property to the administrator in good faith and thereafter another person claims the property from the holder or another state claims the money or property under its laws relating to escheat or abandoned or unclaimed property, the administrator, upon written notice of the claim, shall defend the holder against the claim and indemnify the holder against any liability on the claim to the extent of the property paid or delivered to the administrator on behalf of the apparent owner.
L.1989, c.58, s.1; amended 2002, c.35, s.46.