N.J. Admin. Code § 17:18-2.2

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

Section 17:18-2.2 - Conduct by owner indicating interest in time deposit

(a) The following acts by the owner of a time deposit shall constitute non-abandonment of the time deposit:

1. Consent in writing to a renewal of the time deposit at or about the time of renewal and signed by the owner, given by delivery of the original, a signed facsimile or an e-mail transmission of the facsimile initiated by the owner, or demonstrated by the existence of a memorandum made at the time of renewal or other record on file with holder; or

2. The owner, within three years after the earlier of maturity date or the date of the last indication by the owner of an interest in the deposit, has:

i. Increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest;

ii. Communicated in writing with the financial organization concerning the time deposit, including requesting that the time deposit be redeemed;

iii. Otherwise indicated an interest in the deposit as evidenced by a contemporaneous memorandum or other record on file prepared by an employee of the financial organization; or

iv. Owned other property to which (a)2i, ii and iii above apply and the financial organization communicates in writing with the owner about the deposit that would otherwise be presumed abandoned under this section at the address to which communications regarding the other property regularly are sent; or

v. Had another relationship other than time or demand deposits, such as, but not limited to, a safe deposit box, mortgage, stocks, bonds or other investments, with the financial organization concerning which the owner has:

(1) Communicated in writing with the financial organization; or

(2) Otherwise indicated an interest as evidenced by a contemporaneous memorandum or other record on file prepared by an employee of the financial organization and the financial organization communicates in writing with the owner about the time deposit that would otherwise be abandoned under this section at the address to which communications regarding the other relationship regularly are sent.

(b) The date on which the owner has last indicated an interest in and awareness of the owner's time deposit, as defined in (a) above, or the date of maturity if no conduct evidencing such interest is made, whichever is earlier, shall start the running of the three year abandonment period. However, a written communication mailed to an owner and returned marked "undeliverable" or "unclaimed" shall be deemed to start the running of the abandonment period from the date of receipt by the financial organization of the returned mailing. When periodic interest checks are issued on a time deposit, the abandonment period will commence on the date of an uncashed interest check, and the time deposit will be considered abandoned if all subsequent interest checks continue to remain uncashed through the entire statutory abandonment period, unless there is other conduct by the owner indicating interest in the time deposit as specified elsewhere in this section and applicable statutory law.

(c) If an automatically renewable time or nonrenewable deposit is deemed abandoned prior to its initial maturity, the time for delivery of the time deposit to the administrator will be extended to the date of maturity pursuant to 46:30B-21 or three years from the date at which the abandonment period commenced, whichever is later.

N.J. Admin. Code § 17:18-2.2