New Jersey § 17:12b-106

§ 17:12b-106.

Any association may accept accounts in the name of one or more administrators, custodians,

executors, guardians, trustees, or other fiduciaries in trust for a named beneficiary

or beneficiaries. (1) Any such fiduciary shall have such voting rights as are provided in section 126

of this act. 1 (2) Any such fiduciary shall have power to open such an account and to make a payment

or payments to, and to withdraw from any such account in whole or in part. (3) Unless the will or other instrument, or the court order or decree under which

such fiduciary is acting, provides otherwise, the withdrawal value of any such account,

and dividends thereon, or other rights relating thereto may be paid or delivered,

in whole or in part, to such fiduciary so long as such fiduciary is living. The payment or delivery to any such fiduciary or a receipt or acquittance signed

by any such fiduciary to whom any such payment or any such delivery of rights is made

shall be a valid and sufficient release and discharge of an association for the payment

or delivery so made. (4) Whenever a person holding an account in such a fiduciary capacity dies and no

written notice of the revocation or termination of the fiduciary relationship shall

have been given to an association and the association has no notice of any other disposition

of the beneficial estate, the withdrawal value of such account, and dividends thereon,

or other rights relating thereto may, at the option of the association, be paid or

delivered, in whole or in part, to the beneficiary or beneficiaries. (5) Where such an account is opened or subsequently held by more than one fiduciary

the association may accept payments made to such account and may pay any moneys to

the credit of such account from time to time to, or pursuant to the order of any one

or more of such cofiduciaries who shall be authorized in writing by all the cofiduciaries

to make such payments or withdrawals, unless the will or other instrument or the court

order or decree under which such cofiduciaries are acting otherwise provides. 1

N.J.S.A. § 17:12B-126.