New Jersey Statutes 46:30B-7. When property presumed abandoned generally
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Terms Used In New Jersey Statutes 46:30B-7
- 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
- Owner: means a person having a legal or equitable interest in property subject to this chapter or the person's legal representative and includes, but is not limited to, a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, and a creditor, claimant, or payee in the case of other property. 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-7. When property presumed abandoned generally. Except as otherwise provided by this chapter, all property, including any income or increment derived therefrom, less any lawful charges, whether located in this State or another state, that is held, issued, owing in the ordinary course of a holder‘s business and has remained unclaimed by the owner for more than three years after it became payable or distributable is presumed abandoned.
At the time that an interest is presumed abandoned under this section, any other property right accrued or accruing to the owner as a result of the interest, and not previously presumed abandoned, is also presumed abandoned.
L.1989, c.58, s.1; amended 2002, c.35, s.4.