N.J.S.A. 46:8-23

Statutory trust upon insolvency or bankruptcy of person receiving security deposit

46:8-23. Statutory trust upon insolvency or bankruptcy of person receiving security deposit In the event of the insolvency or bankruptcy of the person receiving the said moneys, the claim of the person who paid the said moneys shall constitute a statutory trust with respect to any moneys so received and not previously expended in accordance with the terms of the contract, lease or agreement. L.1967, c. 265, s. 5, eff. Jan. 1, 1968.

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This is the verbatim text of N.J.S.A. 46:8-23, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.