46:30B-65 - Defending and indemnifying holder against claims for property paid or delivered - New Jersey Statutes

46:30B-65  Defending and indemnifying holder against claims for property paid or delivered.

46:30B-65.  Defending and indemnifying holder against claims for property paid or delivered.  If the holder pays or delivers property to the administrator in good faith and thereafter another person claims the property from the holder or another state claims the money or property under its laws relating to escheat or abandoned or unclaimed property, the administrator, upon written notice of the claim, shall defend the holder against the claim and indemnify the holder against any liability on the claim to the extent of the property paid or delivered to the administrator on behalf of the apparent owner.

L.1989, c.58, s.1; amended 2002, c.35, s.46.