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Section 3B:22-20 - Payment of claims where assets insufficient

NJ Rev Stat § 3B:22-20 (2019) (N/A)
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3B:22-20. Payment of claims where assets insufficient

If the estate either in this State or as a whole is insufficient to cover all claims and prior charges, each claimant whose claim has been allowed either in this State or elsewhere in administrations of which the personal representative is aware, is entitled to receive payment of an equal proportion of his claim. If a preference or security in regard to a claim is allowed in another jurisdiction but not in this State, the creditor so benefited is to receive dividends from local assets only upon the balance of his claim after deducting the amount of the benefit.

L.1981, c. 405, s. 3B:22-20, eff. May 1, 1982.

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Section 3B:22-21 - Payment of claims allowed in this State out of local assets; delivery of surplus assets to domiciliary personal representative