17:12B-90 - Payment to credit of account when beneficiaries under 16 years of age - New Jersey Statutes

17:12B-90.  Payment to credit of account when beneficiaries under 16 years of age
    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 account is terminated as provided in section 5b(2) of said act, and if the named beneficiary or all of the beneficiaries so named survive the death of the person or persons opening such an account and are under 16 years of age at such time, the association shall pay the moneys to the credit of the account, less all proper set-offs and  charges.

    a.  When or after the named beneficiary becomes 16 years of age, to the named beneficiary or upon his order, or

    b.  When more than one beneficiary is named, the association shall pay to the beneficiary so named his proportionate interest in such account as he becomes 16 years of age, or

    c.  To the legal guardian of the named beneficiary, wherever appointed, or where more than one beneficiary is named, the association shall pay such beneficiary's proportionate interest in such account to his legal guardian wherever and whenever appointed, or

    d.  If a certificate of appointment of a legal guardian is not filed with the association, to a person authorized to receive such moneys, or proportionate interest thereof, pursuant to sections 3A:6-31 and 3A:6-32 of the  New Jersey Statutes.

     L.1963, c. 144, s. 90.  Amended by L.1979, c. 491, s. 20.