17:9A-45 - Creditors' claims - New Jersey Statutes

17:9A-45.  Creditors' claims
    Whenever a claim is asserted against a fiduciary or beneficiary of a trust estate which has a participation in a common trust fund, which claim would be enforceable by legal or equitable process against the assets of the trust estate, such claim may be enforced against the participation of the trust estate in the common trust fund only by application, on five days notice to the  bank, to the court from which process would issue on the claim, and by order of  that court directing the bank to withdraw the participation of the trust estate  from the common trust fund within such period as the court shall determine as  reasonable and as affording proper safeguard to the participation of other  trust estates in the common trust fund.  The making of such an order shall  impress a lien upon the participation and upon the proceeds of the withdrawal  of the participation from the common trust fund as of the time of the  application for such order, in the same manner and to the same extent as if  such process had issued and had been executed on the day of the making of such  application.

     L.1948, c. 67, p. 230, s. 45.  Amended by L.1951, c. 46, p. 171, s. 8.