New Jersey Revised Statutes § 17:13-108 - Inactive Accounts; Special Reserve Accounts; Escheat Of Funds

17:13-108. Inactive accounts; special reserve accounts; escheat of funds
When no transaction has occurred in a member's share or deposit account for 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. If the sums are not reclaimed within a five year period, they shall escheat to the State and be forwarded to the Treasurer of the State of New Jersey.

L.1984, c. 171, s. 30, eff. Oct. 31, 1984.

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Last modified: October 11, 2016