New Jersey § 3a:15-31
Full text of New Jersey New Jersey Statutes § 3a:15-31, with citation guidance and answers to common questions.
§ 3a:15-31.
Notwithstanding any other provision of law, any fiduciary holding securities in a
trust estate, or any banking institution holding securities as a custodian or managing
agent, or as custodian for a fiduciary, is authorized to deposit or arrange for the
deposit of such securities in a clearing corporation. When such securities are so deposited, certificates representing securities of the
same class of the same issuer may be merged and held in bulk in the name of the nominee
of such clearing corporation with any other such securities deposited in such clearing
corporation by any person regardless of the ownership of such securities, and certificates
of small denomination may be merged into one or more certificates of larger denomination. The records of such fiduciary and the records of a banking institution acting as
custodian, as managing agent or as custodian for a fiduciary, shall at all times show
the name of the party for whose account the securities are so deposited. Ownership of, and other interests in, such securities may be transferred by bookkeeping
entry on the books of such clearing corporation without physical delivery of certificates
representing such securities. A banking institution so depositing securities pursuant to this section shall be
subject to such rules and regulations as, in the case of State chartered institutions
the Commissioner of Banking and, in the case of national banks, the Comptroller of
the Currency may from time to time issue. A banking institution acting as custodian for a fiduciary shall, on demand by the
fiduciary, certify in writing to the fiduciary the securities so deposited by such
banking institution in such clearing corporation for the account of such fiduciary. A fiduciary shall, on demand by any party to a judicial proceeding for the settlement
of such fiduciary's account or on demand by the attorney for such party, certify in
writing to such party the securities deposited by such fiduciary in such clearing
corporation for its account as such fiduciary.
Frequently Asked Questions About New Jersey § 3a:15-31
What does New Jersey Statutes § 3a:15-31 cover?
Section 3a:15-31 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:15-31?
A common citation format is "New Jersey Statutes § 3a:15-31" (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:15-31 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.