N.J. Admin. Code § 17:18-4.2

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

Section 17:18-4.2 - Payment to be made; claimant's address and signature in claim form; corporate claims

(a) Notwithstanding any language in any agreement, authorization or other writing with a searcher, whether for compensation or not, to locate, deliver, recover or assist in the recovery or claim of abandoned property, payment of any such claim, as approved by the administrator, shall be made by the administrator directly to the actual claimant, to the claimant's fiduciary named for a purpose other than the sole purpose of collecting the claim from the administrator, or to a court appointed representative authorized to collect the property of the claimant.

(b) Any claim form for unclaimed property as prescribed by the administrator, submitted to the administrator by a claimant, shall state the actual claimants own address and be verified by the claimants actual or electronic signature.

(c) Unless expressly directly otherwise by statute or court order, payment of a claim shall be made by the administrator to the actual claimant and sent to the claimant at the claimant's own address. The administrator will make payment jointly to a claimant and a claimant's attorney only when expressly directed to do so by court order.

(d) If a claimant is a business association as defined by N.J.S.A. 46:30B-6d and claims abandoned property as being owned by the business association, the business association shall provide proof that the business association is not dissolved or has not had its charter revoked for any reason by producing a current certificate of good standing (short form), status report, tax clearance certificate, or other document issued by the State of New Jersey showing good standing prior to any claim being paid to that claimant.

N.J. Admin. Code § 17:18-4.2

Amended 46 N.J.R. 1713(a), effective 7/21/2014.