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Can you summarize NJST Chapter 17:4?
CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE >
Short Summary
The provided legal document content pertains to the governance of successor companies and predecessor companies in the finance and insurance sector under the New Jersey General and Permanent Statutes. It defines the terms ‘successor company’ and ‘predecessor company’ and outlines the specific inclusions for each term. A successor company, formed under certain provisions, may be substituted as a fiduciary in matters where the predecessor company has qualified. The substitution is subject to the best interests of the trust or relation and in aid of the liquidation. The successor company assumes the rights, relations, trusts, and associated duties of the predecessor company, but not the liabilities incurred by the predecessor company. Additionally, the successor company succeeds to all fiduciary capacities in respect to any estate, trust, or other matter being administered under the laws of New Jersey, or as a transfer agent or registrar of stocks and bonds. The fiduciary rights, privileges, and duties remain unimpaired and continue in the successor company from the date of discharge by the court of the predecessor company from the trust or relation. The document also specifies that no bond shall be required if the instrument under which the predecessor company qualified did not require it. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Successor companies, predecessor companies, fiduciaries, estates, trusts, transfer agents, registrars of stocks and bonds
What does it govern?
Successor companies and predecessor companies in the finance and insurance sector
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Jersey