3B:23-11 - Interest on general pecuniary devise - New Jersey Statutes

3B:23-11.    Interest on general pecuniary devise
    Interest on general pecuniary devise.  General pecuniary devises shall bear interest beginning one year after the first appointment of a personal representative until payment, unless a contrary intent is indicated by the will or unless the court, for good cause, waives the imposition of interest. The annual rate of interest on general pecuniary devises shall equal the average rate of return, to the nearest whole or one-half percent, for the corresponding preceding fiscal year terminating on June 30, of the State of New Jersey Cash Management Fund (State accounts) as reported by the Division of Investment in the Department of the Treasury.

   L. 1981, c. 405; amended by L. 1987, c. 126, s. 1.