New Jersey § 2a:102-23

§ 2a:102-23.

The Division of Medical Assistance and Health Services in the Department of Human

Services shall establish a dedicated bank account into which a pooled trust, depository

institution or insurance company shall deposit, by means of electronic funds transfer,

any moneys to which the State is entitled under the provisions of section 4 of this

act and which are funds of decedents whom the pooled trust, depository institution

or insurance company reasonably believes were recipients of benefits of programs specified

in section 1 of this act at the time of death. A pooled trust, depository institution or insurance company so making deposits shall

periodically, but not less than once each calendar quarter, provide to the Director

of the Division of Medical Assistance and Health Services in the Department of Human

Services, or his designee, a record of the deposits made along with the names and

other identifying information of those decedents. As the basis for the actions specified herein, the pooled trust, depository institution

or insurance company shall use reasonable business standards of care and judgment,

and is entitled to rely upon a designation of an account or contract as irrevocable

as signifying program eligibility under section 1 of this act. A pooled trust, depository institution or insurance company, as a condition of offering

or providing an irrevocable funeral trust or irrevocably assigned newly issued funeral

insurance policy within the State, shall comply with the provisions of this act.