17:9A-30 - Security prerequisite to action as fiduciary - New Jersey Statutes

17:9A-30.  Security prerequisite to action as fiduciary
    A.  When a qualified bank is named as a fiduciary in any will or other instrument, it shall not be required to give any security for the performance of its duties as such fiduciary, unless the will or other fiduciary instrument expressly requires the giving of security.

    B.  In any case in which security may lawfully be required of a qualified bank for the performance of its duties in a fiduciary capacity, it may satisfy such requirement by giving the same security that would be required of an individual acting in a similar capacity.

    C.  Notwithstanding any other provision of law, a qualified bank which shall  create and maintain a fund pursuant to section 31 shall not be required to give  any other security upon its appointment as a fiduciary by any court or officer  of this State, except in those cases in which a will or other fiduciary  instrument specifies that other security be given.

     L.1948, c. 67, p. 219, s. 30.