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Chary v. First Savings and Loan Association of Little Falls

Decided: May 23, 1960.

HERBERT A. CHARY, ADMINISTRATOR WITH THE WILL ANNEXED OF THE ESTATE OF MADELINE MOROZAN (ALSO KNOWN AS MAGDALINE MOROZAN), PLAINTIFF-RESPONDENT,
v.
FIRST SAVINGS AND LOAN ASSOCIATION OF LITTLE FALLS, DEFENDANT-RESPONDENT, AND EDWARD T. ZELTNER, DEFENDANT-APPELLANT



For affirmance -- Chief Justice Weintraub, and Justices Burling, Francis, Proctor, Hall and Schettino. For reversal -- None.

Per Curiam

[32 NJ Page 419] On the defendant Zeltner's motion for summary judgment, Judge Collester, in the Probate Division of the Passaic County Court, filed the following opinion:

"This matter came before this Court on the motion of the defendant, Edward T. Zeltner, for the entry of a summary judgment in his favor as a matter of law.

This action was commenced by the filing of a complaint by Herbert A. Chary, Administrator with the will annexed of the Estate of Madeline Morozan, also known as Magdaline Morozan, wherein said administrator seeks a judgment against the defendants, Edward T. Zeltner and the First Savings and Loan Association of Little Falls, to require the defendant Zeltner to pay over to said administrator $2,500 withdrawn by said defendant from a membership account maintained by the association in the name of 'Magdaline Morozan or Edward T. Zeltner' and to require the defendant First Savings and Loan Association to pay over to the administrator a balance of $2,500 remaining on deposit in said account.

The defendant Edward T. Zeltner in his answer filed to said complaint denies that the sum of $2,500 withdrawn by him after the testatrix' death is property of the estate and filed a counterclaim demanding that said administrator deliver over to said defendant all necessary inheritance tax waivers required to permit the association to release the balance on deposit in said account to the defendant. Said defendant further filed a cross-claim against the First Savings and Loan Association of Little Falls demanding judgment requiring said association to pay over the balance of said account to the cross-claimant.

The defendant First Savings and Loan Association interpleads demanding a judgment as to which claimant is entitled to the balance on deposit in said account.

The sole issue to be determined on this motion is whether or not the applicable statutes, N.J.S.A. 17:12 A -48.3 and N.J.S.A. 17:12 A -49.1, vest in the defendant Edward T. Zeltner, as a matter of law, title to the $2,500 withdrawn by him after testatrix' death and the remaining $2,500 still on deposit in said account.

The pertinent language of the statutes reads as follows:

'17:12 A -48.3

A. A membership account in an association may be maintained in the names of 2 or more persons, payable to either, or to any, or to the survivor or survivors. * * * Upon the death of any such persons, the association shall pay the moneys to the credit of the survivorship account, less all proper set-offs and charges, to, or pursuant to the order of, the survivor or survivors.

B. When either, or both, or one or more of the 2 or more persons in whose names a membership account is maintained in any form described in this section, makes a payment or payments to such account, or causes a payment or payments to be made to such account, such person or persons shall be conclusively presumed to intend to vest in the other or others a present beneficial interest in each payment so made, and in the moneys to the credit of the account from time to time, to the end that, upon the death of any such person or persons, all the right and title of the person so dying in and to the moneys to the credit of the account on his death, less all proper set-offs and charges, shall at such death, vest solely and indefeasibly in the survivor or survivors.

D. This section shall apply to all membership accounts maintained in an association in the names of 2 or more persons, payable to either, or to any, or to the survivor or survivors, regardless of whether the names of the 2 or more persons are stated in the conjunctive or the disjunctive, or otherwise and regardless of whether the account is expressed to be payable to either or any of such persons or to the survivor or ...


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