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Section 3B:31-53 - Reimbursement of expenses.

NJ Rev Stat § 3B:31-53 (2019) (N/A)
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3B:31-53 Reimbursement of expenses.

3B:31-53. Reimbursement of Expenses.

a. In addition to the compensation allowed by N.J.S.3B:18-2 et seq., a trustee is entitled to be reimbursed out of the trust property for:

(1) expenses that were properly incurred in the administration of the trust; and

(2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.

b. An advance by a trustee of money or other property for the protection of the trust gives rise to a lien against trust property to secure reimbursement.

L.2015, c.276, s.1.

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