New Jersey § 17:9a-28
Full text of New Jersey New Jersey Statutes § 17:9a-28, with citation guidance and answers to common questions.
§ 17:9a-28.
a. Notwithstanding any other provision of law to the contrary, a qualified bank may:
(1) employ any broker-dealer which is registered with the federal Securities and Exchange
Commission and with the Bureau of Securities in the Division of Consumer Affairs in
the Department of Law and Public Safety as a custodian for the qualified bank for
any securities held by the qualified bank in its fiduciary capacity; and (2) register
the securities in the name of the broker-dealer so employed. b. Any broker-dealer employed pursuant to subsection a. of this section shall have
the same power and shall be subject to the same restrictions with respect to the treatment
of securities which it holds as custodian as any bank acting as custodian for a qualified
bank. Any securities held by a broker-dealer pursuant to this act in which the broker-dealer
does not have a lien for indebtedness due to it from an estate or trust may not be
pledged, lent, hypothecated, or disposed of except upon specific instruction of the
qualified bank acting in its fiduciary capacity.
Frequently Asked Questions About New Jersey § 17:9a-28
What does New Jersey Statutes § 17:9a-28 cover?
Section 17:9a-28 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 17:9a-28?
A common citation format is "New Jersey Statutes § 17:9a-28" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:9a-28 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.