State of New Jersey, by Theodore D. Parsons v. Standard Oil Company…

Summary

The Supreme Court of New Jersey affirmed the modified judgment of escheat, holding that the State may not escheat property when the owner's claim is barred by the statute of limitations, but may escheat unpaid dividends and similar intangible property held in trust. The Court also held that the statutory notice provisions satisfy due process and that the discretionary reopening provision is constitutionally valid. Justice Vanderbilt dissented, arguing that the notice requirements are constitutionally deficient and that the judgment should be reversed.