New Jersey Statutes 46:38A-40. Liability of custodian to third persons
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Terms Used In New Jersey Statutes 46:38A-40
- Contract: A legal written agreement that becomes binding when signed.
- Custodial property: means any interest in property transferred to a custodian under this chapter and the income from and proceeds of that interest in property. See New Jersey Statutes 46:38A-2
- Custodian: means a person so designated under R. See New Jersey Statutes 46:38A-2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
A custodian is not personally liable:
a. On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or
b. For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.
L. 1987, c. 18, s. 1.