2A:29A-3. Insolvency or bankruptcy of person receiving money deposited or advanced In the event of the insolvency or bankruptcy of the person receiving the said moneys, the claim of the person who paid the said moneys shall constitute a statutory trust with respect to any moneys so received and not previously expended in accordance with the terms of the contract or agreement. L.1962, c. 208, s. 3.
New Jersey Legal Code