{"data":{"id":"us-nj/n.j.-stat.-17-16i-7","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:16I-7","heading":"Rights of creditors","body":"No multiple-party account will be effective against an estate of a deceased  party to transfer to a survivor sums needed to pay debts, taxes, and expenses  of administration, if other assets of the estate are insufficient. A surviving  party, P.O.D. payee, or beneficiary who receives payment from a multiple-party  account after the death of a deceased party shall be liable to account to his  personal representative for amounts the decedent owned beneficially immediately  before his death to the extent necessary to discharge the claims and charges  mentioned above remaining unpaid after application of the decedent's estate.   No proceeding to assert this liability shall be commenced unless the personal  representative has received a written demand by a creditor, and no proceeding  shall be commenced later than 2 years following the death of the decedent.   Sums recovered by the personal representative shall be administered as part of the decedent's estate.  This section shall not affect the right of a financial  institution to make payment on multiple-party accounts according to the terms  thereof, or make it liable to the estate of a deceased party unless before  payment the institution has been served with an order of court restraining the  payment.\nL.1979, c. 491, s. 7.","path":["TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE \t\t\tAND INSURANCE"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"d2a7b7f418e79a3cf8f9d0c58b6b851eb1079de59d6958ed681ce4560c7fb317","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-16i-6","next":"us-nj/n.j.-stat.-17-16i-8"},"notice":"GroundRules: Original legal text. Not legal advice."}