New Jersey Statutes 17:12B-91. Payment when account terminated and one or more beneficiaries under, and one or more beneficiaries over, 16 years of age
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Terms Used In New Jersey Statutes 17:12B-91
- 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
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
When a membership account is opened by a person or persons payable on death to a beneficiary or beneficiaries in the manner provided in the “Multiple-party Deposit Account Act,” and the amount is terminated as provided in section 5b(2) of said act,
and where one or more of the named beneficiaries are under 16 years of age and the remainder of the named beneficiaries are 16 years of age or over, the associations shall pay the moneys to the credit of the trust, less all proper set-offs and charges to:
a. The named beneficiaries 16 years of age or over at the time of termination of said account shall be paid pursuant to section 89 of this act, and
b. The named beneficiaries under 16 years of age at the time of termination of said account shall be paid pursuant to section 90 of this act.
L.1963, c. 144, s. 91. Amended by L.1979, c. 491, s. 21.