Clymer v. Summit Bancorp.

The opinion of the Court was delivered by

VERNIERO, J.

This is a case of first impression. We are called on to interpret certain provisions of the Uniform Unclaimed Property Act, N.J.S.A. 46:30B-1 to -109 (the Act). The unclaimed property at stake consists of principal and interest in excess of $500,000, arising from bonds issued by various governmental entities. We must determine whether that property must lay unclaimed or dormant for five years pursuant to N.J.S.A. 46:30B-7 before it is turned over to the State, or whether the dormancy period is one year as set forth under N.J.S.A.…