17:12B-91 - Payment when account terminated and one or more beneficiaries under, and one or more beneficiaries over, 16 years of age - 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
    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.