N.J. Stat. § 3B:14-54: Application of payments of money or transfer of property made to fiduciaries

A person who in good faith pays or transfers to a fiduciary money or other property which the fiduciary is authorized to receive, is not responsible for the proper application thereof by the fiduciary. Any right or title acquired from the fiduciary in consideration of the payment or transfer is not invalid in consequence of a misapplication by the fiduciary.

L.1981, c. 405, s. 3B:14-54, eff. May 1, 1982.