2A:15-73 Investment of moneys brought into Superior Court

233 words·~1 min read·/nj/title-2a/chapter-15/2a-15-73

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The chief justice may cause any moneys brought into the Superior Court or remaining on deposit therein to be invested

(a)in the bonds and other securities of the United States,

(b)in interest-bearing bonds of such character and description as are or may be lawful investments for moneys deposited with savings banks of this State,

(c)in bonds secured by mortgages which shall be a first lien upon improved real estate situate in this State worth at least double the amount loaned thereon,

(d)in programs as approved by the State Investment Council which are managed by the Division of Investment and in the New Jersey Cash Management Fund established pursuant to section 1 of P.L.1977, c.281 (C.52:18A-90.4), or

(e)in any combination thereof. For the purpose of making such investments, moneys remaining to the credit of different persons or causes may be commingled. The moneys so deposited or invested, and the securities in which the same may be invested, shall be from time to time accounted for, invested, transferred, reinvested, or otherwise disposed of, as the chief justice shall deem reasonable and proper; and the interest and income derived from such investments, after deducting expenses, losses and reserves for the protection thereof, shall be apportioned to the several parties entitled thereto at such rate as the chief justice shall from time to time determine.

L.1951 (1st SS), c.344; amended 1997, c.206.