New Jersey Statutes 3B:31-64. Recordkeeping and identification of trust property
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Terms Used In New Jersey Statutes 3B:31-64
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
3B:31-64. Recordkeeping and Identification of Trust Property.
a. A trustee shall keep adequate records of the administration of the trust.
b. A trustee shall keep trust property separate from the trustee’s own property.
c. Except as otherwise provided in subsection d. of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.
d. If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of the trust with other fiduciary accounts maintained by the trustee.
L.2015, c.276, s.1.