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CLYMER v. SUMMIT BANCORP.

792 A.2d 396 (2002)

171 N.J. 57

Brian W. CLYMER, Treasurer of the State of New Jersey, in his capacity as the Unclaimed Property Administrator, Plaintiff-Appellant, v. SUMMIT BANCORP., Formerly UJB Financial Corporation, a New Jersey Corporation, Defendant-Respondent.

Supreme Court of New Jersey.

Decided March 7, 2002.

Attorney(s) appearing for the Case

Patrick DeAlmeida, Deputy Attorney General, argued the cause for appellant (John J. Farmer, Jr., Attorney General of New Jersey, attorney; Nancy Kaplen and Michael J. Haas, Assistant Attorneys General, of counsel).

William C. Slattery, Short Hills, argued the cause for respondent (Slattery & Jespersen, attorneys).

David Owen, Upr Montclair, submitted a brief on behalf of amicus curiae National Association of Unclaimed Property Administrators (Rabner, Allcorn, Baumgart & Ben-Asher, attorneys; Mr. Owen, David J. Epstein, a member of the California bar and Robert P. Krenkowitz, Tucson, AZ, a member of the Arizona bar, on the brief).

Michael S. Haratz submitted a brief on behalf of amicus curiae State of Alaska (Orloff, Lowenbach, Stifelman & Siegel, attorneys).

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...

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