New Jersey § 49:3-78
Full text of New Jersey New Jersey Statutes § 49:3-78, with citation guidance and answers to common questions.
§ 49:3-78.
For any exempted transaction which meets the requirements of paragraph (14) of subsection
(b) of section 3 of P.L.1967, c. 93 ( C.49:3-50 ), the issuer shall execute an escrow agreement with a bank, savings bank, savings
and loan association, or credit union, which institution has a place of business in
New Jersey, that provides that investor funds obtained pursuant to the provisions
of P.L.2015, c. 128 ( C.49:3-77 et al.) will be deposited in that institution, and shall further provide that all
offering proceeds will be released to the issuer only when the aggregate capital raised
from all investors pursuant to P.L.2015, c. 128 ( C.49:3-77 et al.) is equal to or greater than the minimum offering amount specified in the
issuer's business plan as necessary to implement the business plan. The agreement shall also provide that all investor funds will be returned within
60 days to investors if that minimum offering amount is not raised by the time stated
in the disclosures required to be set forth pursuant to P.L.2015, c. 128 ( C.49:3-77 et al.).
Frequently Asked Questions About New Jersey § 49:3-78
What does New Jersey Statutes § 49:3-78 cover?
Section 49:3-78 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 § 49:3-78?
A common citation format is "New Jersey Statutes § 49:3-78" (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 § 49:3-78 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.