New Jersey § 3a:15-16
Full text of New Jersey New Jersey Statutes § 3a:15-16, with citation guidance and answers to common questions.
§ 3a:15-16.
a. A fiduciary holding money shall invest it, even though not required so to do by
any will, from which he derives his authority, or otherwise. If he shall not be able to find a proper investment therefor, he shall, within 3
months after receiving the money, apply to the court, to which he is accountable,
for instructions, and it may require him to invest the same in such investments and
for such length of time as it may allow. Upon neglect so to apply, he shall be accountable for any loss occasioned thereby. b. If the investment so taken, bona fide and without fraud, shall prove insufficient,
loss occasioned thereby shall be the loss of the person, whether legatee, ward, cestui
que trust or other person, whose estate or interest is so invested. c. If the fiduciary cannot make an investment as directed by the court, he shall be
accountable for the principal of the money only until it can be invested; but if
he shall use any money of the estate in his hands for his own use, he shall be liable
for both principal and interest.
Frequently Asked Questions About New Jersey § 3a:15-16
What does New Jersey Statutes § 3a:15-16 cover?
Section 3a:15-16 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 § 3a:15-16?
A common citation format is "New Jersey Statutes § 3a:15-16" (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 § 3a:15-16 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.