New Jersey § 3a:2a-76

§ 3a:2a-76.

a. The distributable assets of an intestate's estate or testator's estate shall, unless

a contrary intention is indicated by the will, be distributed in kind to the extent

reasonably possible through application of the following provisions: (1) A specific devisee is entitled to distribution of the thing devised to him. (2) Any devise payable in money or an intestate share may be satisfied by value in

kind provided: (a) The person entitled to the payment has not demanded payment in cash; (b) The property distributed in kind is valued at fair market value as of the date

of its distribution; and (c) No residuary devisee has requested that the asset in question remain a part of

the residue of the estate. (3) For the purpose of valuation under paragraph (2) securities regularly traded on

recognized exchanges, if distributed in kind, are valued at the price for the last

sale of like securities traded on the business day prior to distribution, or if there

was no sale on that day, at the median between amounts bid and offered at the close

of that day. Assets consisting of sums owed the decedent or the estate by solvent debtors as

to which there is no known dispute or defense are valued at the sum due with accrued

interest or discounted to the date of distribution. For assets which do not have readily ascertainable values, a valuation as of a date

not more than 30 days prior to the date of distribution, if otherwise reasonable,

controls. For purposes of facilitating distribution, the personal representative may ascertain

the value of the assets as of the time of the proposed distribution in any reasonable

way, including the employment of qualified appraisers, even if the assets may have

been previously appraised. (4) If the personal representative of either a testate or an intestate estate has,

in the exercise of good faith and reasonable discretion, continued to hold in kind

the distributable assets of an intestate estate or of the residue of a testate estate,

the assets shall be distributed in kind if there is no objection to the proposed distribution

and it is practicable to distribute undivided interests, otherwise those assets shall

be converted into cash for distribution. b. After the probable charges against the estate are known, the personal representative

may mail or deliver a proposal for distribution to all persons who have a right to

object to the proposed distribution. Such proposal shall notify all persons who have a right to object to the proposal

of their right to object and that their objection must be in writing and received

by the personal representative within 30 days after the mailing or delivery of the

proposal. The right of any distributee to object to the proposed distribution on the basis

of the kind or value of asset he is to receive, if not waived earlier in writing,

terminates if he fails to object in writing received by the personal representative

within 30 days after mailing or delivery of the proposal.