17:9A-45. Creditors' claims
209 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-45A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Whenever a claim is asserted against a fiduciary or beneficiary of a trust estate which has a participation in a common trust fund, which claim would be enforceable by legal or equitable process against the assets of the trust estate, such claim may be enforced against the participation of the trust estate in the common trust fund only by application, on five days notice to the bank, to the court from which process would issue on the claim, and by order of that court directing the bank to withdraw the participation of the trust estate from the common trust fund within such period as the court shall determine as reasonable and as affording proper safeguard to the participation of other trust estates in the common trust fund.
The making of such an order shall impress a lien upon the participation and upon the proceeds of the withdrawal of the participation from the common trust fund as of the time of the application for such order, in the same manner and to the same extent as if such process had issued and had been executed on the day of the making of such application.
L.1948, c. 67, p. 230, s. 45. Amended by L.1951, c. 46, p. 171, s. 8.