Terms Used In New Jersey Statutes 48:3-69

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}