New Jersey Statutes 3B:22-17. Defense to action on fiduciary’s bond in certain cases
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Terms Used In New Jersey Statutes 3B:22-17
- Devise: To gift property by will.
- Devise: when used as a noun, means a testamentary disposition of real or personal property and when used as a verb, means to dispose of real or personal property by will. See New Jersey Statutes 3B:1-1
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes executors, general administrators of an intestate estate, administrators with the will annexed, substituted administrators, substituted administrators with the will annexed, guardians, substituted guardians, trustees, substituted trustees and, unless restricted by the subject or context, temporary administrators, administrators pendente lite, administrators ad prosequendum, administrators ad litem and other limited fiduciaries. See New Jersey Statutes 3B:1-1
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
A fiduciary, who has received a devise or distributive share from a personal representative and has given a refunding bond therefor, may set up in absolute bar to an action on the bond, that he has lawfully paid out and distributed the devise or distributive share to the person entitled thereto, and has taken a refunding bond therefor from that person. If the fiduciary has paid out a part only of the devise or distributive share and has taken a similar refunding bond therefor, he may defend in like manner as to the part so paid or distributed.
L.1981, c. 405, s. 3B:22-17, eff. May 1, 1982.