46:30B-32 - Presumption of abandonment for failure to claim dividend or distribution - New Jersey Statutes

46:30B-32  Presumption of abandonment for failure to claim dividend or distribution.46:30B-32.  Presumption of abandonment for failure to claim dividend or distribution.  At the expiration of a three- year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least three dividends, distributions, or other sums paid during the period, none of which has been claimed by the owner.  If three dividends, distributions, or other sums are paid during the three-year period, the period leading to a presumption of abandonment commences on the date payment of the first unclaimed dividend, distribution, or other sum became due and payable.

L.1989, c.58, s.1; amended 2002, c.35, s.22.