17:14A-85. Custodial possession by commissioner; surety bond
111 words·~1 min read·
/nj/title-17/chapter-14a/17-14a-85·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A safe deposit company shall file and keep on file with the commissioner a surety bond obtained from a surety company authorized to transact business in this State in an amount of not less than $25,000.00 and in form prescribed by regulation of the commissioner. The bond shall be conditioned for payment to the State for the benefit of the Department of Banking of the costs and expenses incurred by the commissioner in taking custodial possession of the property of a safe deposit company pursuant to R.S. 17:14A-80 in the event the safe deposit company is unable to reimburse the department for those costs and expenses.
L.1983, c. 566, s. 17:14A-85.