N.J. Admin. Code § 17:18-1.4

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

Section 17:18-1.4 - Estimation of value

(a) The holder shall report to the administrator the nature and identifying number, if any, or description of the property item and the actual/appraised/estimated value.

1. Only "worthless" items may be reported in the aggregate. A statement that there were various "worthless" items may be included.

i. "Worthless" items are items of insubstantial commercial value including, but not limited to, personal letters, food items (of any type), clothing (exclusive of furs), dentures/eyeglasses, personal prosthetic devices, trinkets--inexpensive ashtrays/paperweights, High School/College textbooks, notebooks--with/without personal writing, personal snapshots/pictures, newspapers/magazines, personal documents/certificates/diplomas, receipts -- gas/electric/telephone/rent, Training Manuals (any profession), paperback books, and paper clips/elastic bands.

2. Where the value of the property requires an appraisal and for items whose value is not easily estimated, the estimated value made for the notarized certificate issued at the time that the safe deposit box is opened or other safekeeping repository unit is inventoried is the estimated value for reporting purposes.

3. However, at the time of sale by New Jersey, if for any item the estimate or appraisal made when the box was opened or other safekeeping unit is inventoried may be out of date, the administrator may obtain a current valuation from an independent appraiser.

N.J. Admin. Code § 17:18-1.4