17:16R-2. Application to become successor fiduciary
190 words·~1 min read·
/nj/title-17/chapter-16r/17-16r-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. a. The qualified fiduciary desiring to become the successor fiduciary shall make application to the Superior Court, which application may be made ex parte. The application shall contain information sufficient for the court to apply the standards set forth in subsection b. of this section and shall include a certification by the original fiduciary that it understands and agrees that it shall be bound as a party to any order entered by the court in the proceeding on the application.
b. Upon such application, the Superior Court, except for good cause shown, shall grant the application for substitution if it finds either:
(1)that the fiduciary accounts subject to the substitution constitute all, or substantially all, of a fiduciary category, or categories, and the successor fiduciary has adequate facilities, personnel and locations to provide fiduciary services to those persons with an interest in the fiduciary accounts; or
(2)that the primary bank regulator for each fiduciary has approved the transfer as being in the best interest of the fiduciary which the regulator regulates, and that the transfer will not be a disadvantage to the interest of the public.
L.1995,c.351,s.2.