New Jersey § 17:12b-82

§ 17:12b-82.

When a membership trust account is opened in the manner provided in the “Multiple-party

Deposit Account Act”, 1 and, a. Where a trustee's death terminates the trust under the provisions of section 5c(2)

of the “Multiple-party Deposit Account Act” 2 and where the named beneficiary or all of the beneficiaries so named are 16 years

of age or over at the time of termination of such trust, the association shall pay

the moneys to the credit of the trust, less all proper set-offs and charges, to the

named beneficiary or beneficiaries or upon his or their order, and such payment by

the association shall be valid, notwithstanding any lack of legal age of the named

beneficiary or beneficiaries; b. If the named beneficiary or all of the beneficiaries so named are under 16 years

of age at the time of termination of such trust, the association shall pay the moneys

to the credit of the trust, less all proper set-offs and charges, (1) When or after the named beneficiary becomes 16 years of age, to the named beneficiary

or upon his order, or (2) When more than one beneficiary is named, the association shall pay to the beneficiary

so named his proportionate interest in such account as he becomes 16 years of age,

or (3) To the legal guardian of the named beneficiary wherever appointed, or where

more than one beneficiary is named, the association shall pay such beneficiary's proportionate

interest in such account to his legal guardian wherever and whenever appointed, or (4) If a certificate of appointment of a legal guardian is not filed with the association

to a person authorized to receive such moneys or proportionate interest thereof pursuant

to sections 3A:6-31 3 and 3A:6-32 [FN4] of the New Jersey Statutes . c. Where a trustee's death terminates the trust under the provisions of section 5c(2)

of the “Multiple-party Deposit Account Act” and where one or more of the named beneficiaries

are under 16 years of age and the remainder of the named beneficiaries are 16 years

of age or over, the association shall pay the moneys to the credit of the trust, less

all proper set-offs and charges to: (1) The named beneficiaries 16 years of age or over at the time of termination of

said trust pursuant to subsection a of this section, and (2) The named beneficiaries under 16 years of age at the time of termination of said

trust pursuant to subsection b of this section. 1

N.J.S.A. § 17:16I-1 et seq. 2

N.J.S.A. § 17:16I-5. 3

Repealed; see, now, N.J.S.A. §§ 3B:12-6 to 3B:12-11. 4

Repealed; see, now, N.J.S.A. §§ 3B:12-6 to 3B:12-11.