New Jersey Statutes 45:15-12.6. Approval of depository institution
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Terms Used In New Jersey Statutes 45:15-12.6
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
43. The commission shall approve a depository institution as required pursuant to section 42 of this amendatory and supplementary act upon the institution providing written confirmation to the commission that it shall immediately notify the commission of any issuance of a notice to a licensed broker that a check or other instrument written upon the broker’s escrow or trust account has been dishonored or returned for insufficient funds.
L.1993,c.51,s.43.