2013 New Jersey Revised Statutes
Title 17 - CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Section 17:4-9.1 - Substitution of "successor" company for "liquidating" company as fiduciary; account; bond

17:4-9.1. Substitution of "successor" company for "liquidating" company as fiduciary; account; bond
Whenever a "successor company" has been or may hereafter be formed under and by virtue of the provisions of section 17:4-9 and has qualified to act as a fiduciary as provided for in section 17:4-41, subject to the exception hereinafter made, in order to facilitate and hasten the orderly liquidation and the winding up of the affairs of the "liquidating company" it shall and may be lawful for such "successor company" from time to time, to take over and become substituted as fiduciary in any or all matters in which said "liquidating company" has qualified; in any and all matters where in the sound judgment of the "liquidating company" and the "successor company" such substitution of fiduciary is deemed advisable, in the best interests of the trust or relation, and in aid of the winding up of the affairs of the "liquidating company," "liquidating company" may file its account to date with the court having the jurisdiction thereof, and upon approval of such account and upon the discharge of the "liquidating company" from such trust or relation the said "successor company" shall succeed to all such rights, relations and trusts and the duties connected therewith, and shall execute and perform each and every such trust or relation in the same manner as if such "successor company" had itself originally assumed the trust or relation; provided, however, that the "successor company" shall assume no liabilities which may have been incurred by the "liquidating company" incident to its administration of such trust or relation. The "successor company" shall as to such matters succeed to all the rights and duties of the "liquidating company" and all fiduciary capacities, whether as administrator, coadministrator, executor, coexecutor, trustee or cotrustee, guardian, coguardian, assignee, coassignee, receiver, coreceiver, committee or committeeman of estates of lunatics, or in any other fiduciary capacity of or in respect to any estate or trust or other matter being administered under the laws of New Jersey, or as transfer agent or registrar of stocks and bonds, such relations as well as any other or similar fiduciary relations and all rights, privileges and duties connected therewith shall remain unimpaired, subject as aforesaid, and shall continue into and in the said "successor company" from and as of the date of discharge of the "liquidating company" from such trust or relation, by the court, irrespective of the date when such relationship may have been created or established, and irrespective of the date of said trust agreement relating thereto or the date of death of any trustor or decedent or lunatic or minor whose estate is being so administered or managed, and it shall not be necessary for said "successor company" to seek appointment in said estates by any court of this State; provided, further, that in all cases where the instrument under which the "liquidating company" qualified to act did not require the "liquidating company" to furnish bond, no such bond shall be required of the "successor company" as provided for in section 17:4-41, or otherwise. The terms "successor company" and "liquidating company" as used herein shall apply to and be construed to have the same meaning as is placed on said terms by section 17:4-9.

L.1942, c. 230, p. 630, s. 1.