17:13-108 - Inactive accounts;Ā special reserve accounts;Ā escheat of funds
17:13-108.Ā Inactive accounts;Ā special reserve accounts;Ā escheat of funds
When no transaction has occurred in a member's share or deposit account forĀ 12 months and his whereabouts are unknown, as verified by the return of a certified letter addressed to him at his last known address, all sums due to the member shall be credited to a special reserve account.Ā If the sums are notĀ reclaimed within a five year period, they shall escheat to the State and beĀ forwarded to the Treasurer of the State of New Jersey.
L.1984, c. 171, s. 30, eff. Oct. 31, 1984.
Ā
When no transaction has occurred in a member's share or deposit account forĀ 12 months and his whereabouts are unknown, as verified by the return of a certified letter addressed to him at his last known address, all sums due to the member shall be credited to a special reserve account.Ā If the sums are notĀ reclaimed within a five year period, they shall escheat to the State and beĀ forwarded to the Treasurer of the State of New Jersey.
L.1984, c. 171, s. 30, eff. Oct. 31, 1984.
Ā