New Jersey § 3a:16-5

§ 3a:16-5.

Whenever it shall be made to appear, to the satisfaction of any court having jurisdiction

of the accounts of any fiduciary, on application by the fiduciary or other interested

party, after such notice as the court may direct to be given to those interested in

the estate or trust, that any real property, improved or unimproved, which constitutes

or is comprised within the assets of the estate or trust, because of liens, encumbrances,

absence or inadequacy of revenue or other causes or reasons, has such lack of value

that it is not worth protecting, and that it is advisable and for the best interests

of those interested in the estate or trust to do so, a judgment or order may be made

permitting or directing the fiduciary to abandon such real property. Such an abandonment may be made, if the court so directs, by refraining from paying

any real property taxes and assessments in arrears or thereafter assessed, water rents,

mortgage principal or interest in arrears or thereafter becoming due, or other liens

or encumbrances, and by refraining from making any repairs or replacements with respect

to or by refraining from otherwise maintaining or protecting any improvement upon

any such improved real property, and by refraining from keeping any such improvement

insured against fire or other loss, or by such other methods and in such manner as

the court shall direct. The court may direct the fiduciary to continue to pay the cost of such fire, liability

and other insurance as he may be able to obtain and deem advisable and to pay such

other expense with respect to such real property as he may deem advisable to protect

himself and the estate or trust against any liability arising out of the continued

ownership thereof. The court may further direct that the fiduciary may, if any one can be found who

will take title, convey such real property for a nominal consideration or no consideration

so as to avoid any liability of the fiduciary or the estate or trust so arising.