N.J. Admin. Code § 17:18-1.10

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:18-1.10 - Liability in general and constructive delivery

(a) Upon payment or constructive delivery of property to the administrator, the State shall assume custody and responsibility for the safekeeping of the property and the holder shall be relieved from liability.

(b) A holder who pays or performs constructive delivery of the property to the administrator in good faith, is relieved of all liability to the extent of the value of the property paid or delivered for any claim then existing or which thereafter may arise or be made in respect to the property.