Ask Reggi Your Question Now
Can you summarize NJST 46:30B-72.1?
Sale of tangible property
Short Summary
This legal document governs the sale of tangible property, such as jewelry and works of art, in the state of New Jersey. It applies to administrators who handle abandoned property. The document outlines the procedures to be followed for the sale, including sending notification to the owner, advertising the intent to auction in a local newspaper, preparing an itemized list of auctionable items, and compensating the holder of the unclaimed property. The office of the administrator also receives compensation for mailing and newspaper notices, as well as the break-open charge of the safe deposit box. Any remaining funds are taken into the custody of the State of New Jersey. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Administrators handling abandoned property in New Jersey
What does it govern?
Sale of tangible property
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
New Jersey