State v. New Jersey National Bank and Trust Co.

The opinion of the Court was delivered by

Jacobs, J.

The Chancery Division held that in an absolute escheat action (N. J. S. A. 2A :37-l to N. J. S. A. 2A :37~28) the State could escheat original shares of the defendant corporation which had remained unclaimed for at least 14 successive years, together with such additional shares as had resulted from stock splits or replacements; it further held, however, that the dividends on the original shares (including cash dividends, stock dividends, and cash in lieu of stock dividends) which had been declared within the 14-year period preceding the…