N.J. Admin. Code § 18:26-11.25

Current through Register Vol. 56, No. 19, October 7, 2024

Section 18:26-11.25 - Penalty for failure to obtain consent or give notice-transfer inheritance tax

(a) Any bank, banking institution, safe deposit company, trust company, other institution, association, organization, corporation, or person who fails to obtain the written consent of the Director, allow an examination or give notice as provided in this chapter is liable to pay the amount of the tax and interest due or which becomes due upon the securities, deposits, shares of stock, or other assets transferred or delivered and in addition is liable to a penalty of $ 1,000, which may be enforced in an action at law in the name of the State.

(b) A safe deposit company, trust company, bank, other institution, corporation, or person is not liable for the tax and interest or penalty provided in (a) above, where such entity or person delivers securities, deposits, shares of stock, or other assets belonging to or standing in the names of two or more persons to one of such persons without knowledge or reasonable ground to believe that another one of such persons is dead.

Adopted by 50 N.J.R. 1624(a), effective 7/16/2018