New Jersey Statutes 3B:22-32. Distribution among creditors to be pro rata; preferred debts excepted
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Terms Used In New Jersey Statutes 3B:22-32
- Decedent: A deceased person.
- Estate: means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
If the estate of a decedent is insufficient to pay his debts, his estate shall be applied to the preferred expenses and debts in accordance with N.J.S. 3B:22-2, and the balance shall be distributed among his creditors in proportion to the sum due to each.
L.1981, c. 405, s. 3B:22-32, eff. May 1, 1982.