New Jersey § 17:12b-78
Full text of New Jersey New Jersey Statutes § 17:12b-78, with citation guidance and answers to common questions.
§ 17:12b-78.
No savings member shall hold an account or accounts in any one State association with
an aggregate participation value exceeding $20,000.00 or 1% of the capital of the
State association, whichever is greater; provided, however, that such limitation
shall not apply to-- (a) An account or deposit held as provided in section 80 1 or section 241 2 of this act; or (b) An account or deposit which is pledged as security for the repayment of money
due such State association; or (c) An installment share account, or any account opened as the result of the maturity
of an installment share account; or (d) An account, or deposit other than an installment share account, which exceeds
the aforesaid limitation at the time of the enactment of this statute, but no additions
other than dividends or interest shall be made thereto; or (e) Where such excess results from the addition of dividends or interest to any such
account, or from the acquisition of an account by gift, will or inheritance; or from
the acquisition of an account or deposit previously held as collateral security for
the payment of an obligation; or from the acquisition by one State association of
the assets of another association; or (f) Where such excess results from a reduction in the capital of the association. The board may provide for any lesser limitation than set forth in this section, and
any person or persons authorized by it, may refuse to accept any account and may limit
the amount of payments which may be received on any account. 1
N.J.S.A. § 17:12B-80. 2
N.J.S.A. § 17:12B-241.
Frequently Asked Questions About New Jersey § 17:12b-78
What does New Jersey Statutes § 17:12b-78 cover?
Section 17:12b-78 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 § 17:12b-78?
A common citation format is "New Jersey Statutes § 17:12b-78" (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 § 17:12b-78 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.