As so many companies have been incorporated under the laws of New Jersey, all executors or administrators of estates of non-residents of New Jersey should bear in mind that there is a " collateral inheritance tax "levied on that part of the decedent's estate which goes by will or by intestate laws to any one not a parent, brother, sister, husband or wife or direct descendant of the decedent. This applies to the stocks of New Jersey corporations, which pass from a decedent non-resident, and relates only to the stock of the value of five hundred dollars or over; this value applying to each lot and not to the amount of the estate.

In part, the law reads as follows:

"When the transfer is by will or intestate law, of real property within this State, or of goods, wares and merchandise within this State, or of shares of stock of corporations of this State, or of national banking associations located in this State, and the decedent was a nonresident of the State at the time of his death. * * *

"All taxes imposed by this act shall be at the rate of 5% upon the clear market value of such property, * * * to be paid to the Treasurer of the State of New Jersey, for the use of said State, and all administrators, executors, trustees, grantees, donees or vendees, shall be personally liable for any and all such taxes until the same shall have been paid as hereinafter directed, for which an action of debt shall he in the name of the State of New Jersey. * * * "