3B:11-3 - Trustees construed to be joint tenants - New Jersey Statutes

3B:11-3.  Trustees construed to be joint tenants
    All estates heretofore or hereafter granted or devised to trustees shall be  construed to have vested and to vest an estate of joint tenancy in the trustees.

    When a trustee is removed a conveyance or devise from the removed trustee to  the old and new trustees or to the new trustees shall vest in the old and new  trustees or the new trustees an estate in joint tenancy, notwithstanding any  want of unity.

    When a trustee dies or resigns or his office becomes vacant for any cause, and a new trustee is appointed, the surviving trustees, if any there be, and the new trustees shall hold the trust estate as joint tenants, and a conveyance  of a right and interest in the trust estate from the surviving trustees, to the  new trustee shall vest in all the trustees an estate in joint tenancy,  notwithstanding any want of unity.

    When a new, additional or substituted trustee is appointed by a court of competent jurisdiction or becomes such by operation of the terms of a will or other instrument or by operation of law, title to the trust assets shall forthwith vest in all the trustees in office including the new, additional or substituted trustee as joint tenants.

     L.1981, c. 405, s. 3B:11-3, eff. May 1, 1982.