State of New Jersey by Walter D. Van Riper, Attorney-General of the State of New Jersey, Plaintiff-Appellant, v…

Summary

The Supreme Court of New Jersey affirmed the lower court, holding that the deposits held by Atlantic City Electric Company were held in a debtor‑creditor relationship, not a trust, so the six‑year statute of limitations barred the State's escheat claim. The Court reasoned that the payment of interest, the long‑standing practice of commingling deposits with general funds, and the lack of any intent to create a fiduciary relationship demonstrated a simple loan rather than a trust.