Section 10. Any bank or federally-chartered bank may establish an account or accounts to receive deposits from a manager or managing agent acting as a trustee for funds received and held by such trustee pursuant to paragraph (2) of subsection (f) of section 10 of chapter 183A. Such account or accounts may be established as […]
Section 11. When a passbook or other instrument as evidence of a depositor’s account issued by any bank has been lost, stolen or destroyed, the person in whose name it was issued, or in the case of a joint account, by the joint owners thereof may make written application to such bank for payment of […]
Section 12. Deposits standing in the individual name of a deceased depositor of a bank or federally chartered bank shall be paid to the individual’s legal representative, but if the deposit does not exceed $10,000 and there has been no demand for payment from a duly appointed executor or administrator, payment may be made, in […]
Section 13. If, in the judgment of the board, there is an unusual demand by depositors for withdrawals the bank may, with the approval of the commissioner, require such a depositor to give written notice of the depositor’s intention to withdraw the whole or any part of such deposits or to apply for a loan […]
Section 14. Any agreement between a depositor and any bank which exculpates such bank when a deposit account, or any part thereof, is paid by such bank to a person unlawfully presenting a passbook, or other instrument as evidence of such account is hereby declared to be contrary to public policy and void.
Section 15. For the purposes of this section, the term ”Internal Revenue Code” shall mean section 401(a), section 401(f), section 403(b)(7), section 408(a) or section 408(h) of the Internal Revenue Code. Any designation of a beneficiary in connection with and as provided by an instrument intended to establish a pension, profit-sharing or other deferred compensation […]
Section 16. If a bank as a consequence of a default of a debt owed to said bank by a depositor or shareholder, makes a transfer of funds of such depositor or shareholder to reduce or extinguish said debt, such depositor or shareholder shall be notified forthwith of such transfer by written notice sent by […]
Section 17. A person indebted to a bank may, when proceeded against for the collection of such indebtedness or for the enforcement of any security therefor, set off or recoup the amount of a deposit in such bank held and owned by that person at the time of the commencement of such proceeding; provided, however, […]
Section 18. If, in an action against a bank for money on deposit therewith, it appears that the same fund is claimed by another party than the plaintiff, whether by the husband or wife of the plaintiff, or otherwise, the court in which such action is pending, on the petition of the bank and on […]
Section 19. No bank, federally-chartered bank or other corporation doing a banking business in the commonwealth, in this section called the depository, shall be required to recognize an adverse claim to a deposit standing on the depository’s books to the credit of or to securities held for the account of any person, except by virtue […]
Section 20. Notwithstanding any general or special law to the contrary, a bank, a federal bank or a Massachusetts branch, as defined in section 1 of chapter 167, shall not be required to repay any deposit made at a branch of such bank, federal bank or Massachusetts branch located in a foreign country, or any […]
Section 3. A bank may receive demand, time and other types of deposits without limitation and upon such terms and conditions as may be agreed upon between the depositor and the bank. Such deposits may include, but shall not be limited to, the types of deposits described in subsections (a) to (c), inclusive. (a) Any […]
Section 3A. (a) For the purposes of this section, the term ”savings promotion raffle” shall mean a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program where each ticket or entry […]
Section 4. (a) A bank may receive deposits into a deposit account held in the name of a natural person and established for personal, family or household purposes. The deposits, interest and other credits represented by the account may be withdrawn, assigned or transferred in whole or in part by the account holder only, except […]
Section 5. A natural person 18 years of age or under or 65 years of age or older may choose 1 demand deposit account and 1 savings account which, in each instance, shall include a joint account in which the spouse of the eligible depositor, regardless of age, is the joint tenant therein or the […]
Section 6. No bank shall assess a fee, charge or other assessment against an account, established for personal, family or household purposes, of a depositor who, as the payee of a check, draft or money order, of which the payee is not also the maker, deposits the same therein and payment on any such instrument […]
Section 7. A bank or federally-chartered bank which accepts a deposit for demand deposit or other account subject to withdrawal by negotiable or transferable instrument for the purpose of making a transfer to a third party shall, if requested by the depositor, provide without charge not less than 25 cancelled instruments or legible copies of […]
Section 8. No bank shall give collateral or other security for a deposit of money received in its banking department, except that such bank may make such a deposit of securities or satisfy any provision as may be required by the laws of the United States or the rules and regulations of any department, agency […]
Section 9. Any bank or federally-chartered bank may establish an account to receive deposits from a lessor acting as a trustee for funds received and held by such trustee pursuant to paragraph (a) of subsection (3) of section 15B of chapter 186. Such account may be established as required by said section 15B for the […]
