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2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167c - Bank Locations › Section 13 - Establishment of Branch by Out-of-State Bank or Out-of-State-Federal-Bank Through Merger or Consolidation With or Purchase of Massachusetts Bank

Section 13. Any out-of-state bank or out-of-state federal bank, if such bank is expressly authorized to do so by the laws under which it is organized and operates, may, upon approval by the commissioner of an application thereof in prescribed manner and form, establish and maintain branches through a merger or consolidation with or the purchase of assets or stock of any Massachusetts bank; provided, however, that in each instance the laws of the jurisdiction in which such out-of-state bank or out-of-state federal bank has its principal place of business expressly authorize, under conditions no more restrictive than those imposed by this chapter as so determined by the commissioner, a bank to exercise like authority therein.
Any such out-of-state bank shall, upon any such merger or consolidation with or purchase the assets or stock of a bank, operate the same as a branch under the supervision of the commissioner and in accordance with all applicable laws which govern such activities by banks.
Any out-of-state federal bank shall, upon such merger or consolidation with or purchase of assets or stock of a bank, operate the same as a branch which shall be subject to all laws of the commonwealth relative to community reinvestment, consumer protection, fair lending, establishment of intra-state branches and the application or administration of any tax or method of taxation including, but not limited to, sections 1 to 14A of chapter 93 and applicable sections of chapters 93A, 167 to 167J, inclusive, and all other applicable laws, including all rules and regulations established thereunder, and to such other laws of the commonwealth as are applicable to a national bank with its main office in the commonwealth.
Any such merger, consolidation or purchase of assets shall comply with all applicable laws relative to filing requirements of out-of-state non-banking corporations doing business in the commonwealth. The commissioner shall not approve any such application if the bank sought to be acquired has been in existence for a period of less than 3 years or if, as a result thereof, the applicant would control in excess of 30 per cent of the total deposits, exclusive of foreign deposits, of all depository institutions in the commonwealth insured by the Federal Deposit Insurance Corporation, or any successor corporation thereto; provided, however, that the commissioner may waive either said age requirement or concentration limit, or both, if it is deemed that economic conditions warrant granting such waiver. For the purposes of this section, the term ''foreign deposits'' shall mean deposits received in a foreign country and deposits in Edge and Agreement subsidiaries and international banking facilities.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167c - Bank Locations › Section 14 - Establishment of Branch De Novo; Purchase of Branch Without Purchasing Bank; Applicable Laws

Section 14. A foreign bank, out-of-state bank or out-of-state federal bank, if such bank does not operate a branch in the commonwealth, may, upon approval by the commissioner of an application thereof in prescribed manner and form and in accordance with the requirements of section 13, establish and maintain a branch de novo in the commonwealth or may purchase a branch of a bank without purchasing the bank; provided, however, that in each instance the laws of the jurisdiction in which such bank has its principal place of business shall expressly authorize, under conditions no more restrictive than those imposed by this chapter as so determined by the commissioner, a bank to establish therein a branch de novo or to acquire a branch of a bank without acquiring the bank. Any foreign bank or out-of-state bank shall operate the same as a branch under the supervision of the commissioner in accordance with all applicable laws which govern such activities by banks.
Any out-of-state federal bank shall operate the same as a federal branch which shall be subject to all laws of the commonwealth relative to community reinvestment, consumer protection, fair lending, establishment of intra-state branches and the application or administration of any tax or method of taxation including, but not limited to, sections 1 to 14A, inclusive, of chapter 93, and the applicable sections of chapters 93A, 167 to 167J, inclusive, and any other applicable laws, including all rules and regulations promulgated thereunder, and to such other laws of the commonwealth as are applicable to a national bank with its main office in the commonwealth.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167c - Bank Locations › Section 16 - Establishment of Branch by Foreign Bank Through Merger or Consolidation With Any Bank or Federal Bank

Section 16. Any foreign bank that has obtained a certificate issued pursuant to section 15, if such bank is expressly authorized to do so by the laws under which it is organized and operates, may, upon approval by the commissioner of an application thereof in prescribed manner and form, establish and maintain branches through a merger or consolidation with any bank or federal bank; provided, however, that in each instance the laws of the jurisdiction in which such foreign bank has its principal place of business shall expressly authorize, under conditions no more restrictive than those imposed by this chapter as so determined by the commissioner, any bank or federal bank to exercise like authority therein.
Any foreign bank which establishes a branch through such merger, consolidation or purchase of assets or stock of any bank, shall operate the same as a branch under the supervision of the commissioner and in accordance with all applicable laws which govern such activities by banks.
Any foreign bank which establishes a branch through such merger, consolidation or purchase of assets or stock of any federal bank, shall operate the same as a federal branch which shall be subject to all laws of the commonwealth relative to community reinvestment, consumer protection, fair lending, establishment of intra-state branches and the application or administration of any tax or method of taxation including, but not limited to, sections 1 to 14A of chapter 93 and applicable sections of chapters 93A, 167 to 167J, inclusive, and all other applicable laws including all rules and regulations established thereunder pursuant to law, and to other laws of the commonwealth as are applicable to a national bank with its main office in the commonwealth.
Any merger, consolidation or purchase of assets shall comply with all applicable laws relative to filing requirements of out-of-state non-banking corporations doing business in the commonwealth. The commissioner shall not approve any such application if the bank or federal bank sought to be acquired thereby has been in existence for a period of less than 3 years or if, as a result thereof, the applicant would control in excess of 30 per cent of the total deposits, exclusive of foreign deposits, of all depository institutions in the commonwealth insured by the Federal Deposit Insurance Corporation, or any successor corporation thereto; provided, however, that the commissioner may waive either said age requirement or concentration limit, or both, if it is deemed that economic conditions warrant granting a waiver. For the purposes of this section, ''foreign deposits'' shall mean deposits received in a foreign country and deposits in Edge and Agreement subsidiaries and international banking facilities.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167c - Bank Locations › Section 17 - Out-of-State, Out-of-State Federal or Foreign Bank Acting in Fiduciary Capacity Pursuant to Chapter 167g; Certificate of Authorization

Section 17. The commissioner may, subject to any conditions as the commissioner may prescribe, grant to an out-of-state bank, an out-of-state federal bank or a foreign bank a certificate authorizing it to act in a fiduciary capacity pursuant to chapter 167G, so far as applicable; provided, however, that such bank shall be authorized to act by the laws of the jurisdiction where its principal office is located; and provided, further, that the laws of such jurisdiction, as determined by the commissioner, shall grant a similar privilege or privileges to a bank. An out-of-state bank, out-of-state federal bank or a foreign bank holding a certificate and appointed a fiduciary shall be subject to the General Laws with respect to the appointment of agents by fiduciaries and to the same taxes, obligations and penalties, with respect to its activities as fiduciary and the property held by it in its fiduciary capacity, as banks, and no certificate shall be issued to an out-of-state bank, out-of-state federal bank or a foreign bank until it has filed with the commissioner an agreement in writing, in which it binds itself to perform said obligations and pay any such taxes and penalties as aforesaid as may be levied or imposed upon it in this commonwealth. A bank, to the extent only that it acts as fiduciary as authorized in this section, shall not be deemed to transact business in the commonwealth for the purposes of sections 40 to 42, inclusive, of chapter 167.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 1 - Definitions

Section 1. As used in this chapter, the following words shall, unless the context clearly requires otherwise, have the following meanings:—
''Bank'', a savings bank, co-operative bank or trust company incorporated as such in the commonwealth.
''Board'', the board of trustees or directors of a bank.
''Commissioner'', the commissioner of banks.
''Federally-chartered bank'', a national bank association, a federal savings and loan association, a federal savings bank or a federal credit union authorized to do business in the commonwealth.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 2 - Powers

Section 2. Every bank in its banking department shall, subject to any limitations imposed by this chapter, have the following powers and whatever further incidental powers may fairly be implied from those expressly conferred and are reasonably necessary to enable it to exercise fully those powers according to common banking customs and usages:
(A) to receive deposits as authorized by this chapter; and
(B) to receive on deposit, storage or otherwise, money, government securities, stocks, bonds, coin, jewelry, plate, valuable papers and documents, evidences of debt and other property of any kind, upon such terms and conditions as may be agreed upon between the depositor and the bank and to collect and disburse, at the request of the depositor, the interest or income or principal of said property upon terms to be prescribed by such bank.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 3a - Savings Promotion Raffles

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 has an equal chance of being drawn and where the contest is subject to regulations that may be promulgated by the appropriate federal regulatory agency, as defined by 12 U.S.C. 5481.
(b) A bank may receive deposits in conjunction with a savings promotion raffle pursuant to the federal American Savings Promotion Act, Public Law 113–251. A savings promotion raffle conducted pursuant to this section shall not be a violation of section 7 of chapter 271.
(c) The commissioner shall promulgate regulations necessary to implement and administer this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 5 - Demand Deposit Account and Savings Account for Persons 18 Years of Age or Under or 65 Years of Age or Older

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 joint tenant would otherwise be an eligible depositor and which has been established and used for personal, family or household purposes, upon which no service, maintenance or other similar charge shall be imposed. No such account shall be subject to: (i) a minimum balance requirement; (ii) a charge for a deposit or withdrawal; or (iii) a fee for the initial order or subsequent refills of the basic line of checks offered by the bank, which shall include the name of the depositor. For the purposes of this section, the term ''savings account'' shall include a regular passbook, regular statement savings or regular NOW account, so-called.
A savings account in trust for another person shall be covered by the notice, services, fee and charge provisions of this section only if the trustee is a person 18 years of age or under or 65 years of age or older. A consumer shall notify a bank of the consumer's eligibility for such accounts and provide proof of age in a form acceptable to the bank. A bank may, however, assess a fee for certain services in accordance with the bank's published service charge schedule, which shall include, stop payment orders, wire transfers, certified or bank checks, money orders, deposit items returned, transactions at electronic branches and through other electronic devices a reasonable charge, as determined by the commissioner, against any such account when payment on a check or other transaction on the account has been refused because of insufficient funds or paid despite insufficient funds. A bank shall post in each of its banking offices a notice informing consumers of the availability of the banking services under this section. A bank shall, in addition to the notice posting requirement, disclose annually to all depositors, in a manner of its choosing, the provisions of this section applicable to a person 18 years of age or younger or 65 years of age or older. For the purposes of this section, the term ''check or other transaction'' shall include, but not be limited to, a check for purposes of the federal Check Clearing for the 21st Century Act, 12 U.S.C. section 5002, an electronic funds transfer, as defined in section 1 of chapter 167B or regulations thereunder, or a transaction processed by an automated clearinghouse.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 6 - Fee, Charges or Assessments; Refusal of Payment of Deposited Instruments; Costs for Processing Deposited Instrument

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 is refused by the depository institution upon which it is drawn because of insufficient funds or because the maker thereof did not have an account at such depository institution; provided, however, that a bank may assess a reasonable fee, charge or assessment that represents its direct costs, as established annually by the commissioner, incurred for processing such check, draft or money order.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 7 - Provision of Cancelled Instruments or Copies Thereof

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 the fronts and backs thereof per calendar year; provided, that, if requested by a depositor who is blind, the bank shall make additional accommodations to provide additional cancelled instruments or information thereon as is possible in accordance with the federal Check Clearing for the 21st Century Act, 12 U.S.C. section 5001 et seq. and regulations promulgated thereunder. Section 4–406 of chapter 106 shall be subject to this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 8 - Collateral or Security for Deposit of Money Received

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 or instrumentality thereof as security for deposits of funds made by the United States or any department, agency or instrumentality thereof with such bank and may give such collateral or other security for deposits of public or other funds as may be required by any public authority making such deposits or controlling the terms upon which they may be made and except as provided in section 8 of chapter 167G.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 9 - Deposits From Residential Dwelling Unit Lessor Acting as Trustee for Security Deposits

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 purpose of holding security deposits taken by a lessor of residential dwelling units owned or managed by said lessor; provided, that the terms of said account shall place said deposit beyond the claim of a creditor of the lessor, including a foreclosing mortgagee or trustee in bankruptcy, and shall provide for the transfer of said deposit to a subsequent owner of any property for which such security deposit was taken. Interest accruing on said deposit shall be paid to the lessor pursuant to the terms of the deposit. Withdrawals and payments made by the corporation from said account shall discharge the liability of said corporation to all persons.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 10 - Deposits From Condominium Manager or Managing Agent Acting as Trustee for Condominium Funds

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 required by said section 10 to hold condominium funds taken by a manager or managing agent, provided, that the terms of said account or accounts shall be such as to place said deposit beyond the claim of a creditor of the manager or managing agent, including a foreclosing mortgagee or trustee in bankruptcy, and as will provide for the transfer of said deposit to the organization of unit owners or subsequent manager or managing agent, as determined by the organization of unit owners. Interest accruing on said deposit shall be paid to the organization of unit owners pursuant to the terms of the deposit. Withdrawals and payments made by the bank or federally chartered bank from said account or accounts shall discharge the liability of said bank or federally chartered bank to all persons.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 11 - Lost, Stolen or Destroyed Passbooks

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 the amount of the deposit represented by said book or other instrument or for issuance of a duplicate book or other instrument therefor. The application shall include an affidavit signed and sworn to that the person, or persons, making such application is a lawful owner, or are the lawful owners, of said passbook or other instrument, that said passbook or other instrument has been lost, stolen or destroyed and that no lawful owner has, in any way, transferred, pledged or assigned said passbook or other instrument or any interest in the deposits therein. The application shall further include an agreement, in writing, to indemnify the bank from and against any and all claims, expenses and liabilities in any way resulting from the bank's action on the application by the payment of amounts due on said passbook or other instrument or by the issuance of a duplicate book or other instrument therefor. All signatures contained with such application shall be duly notarized. Upon receipt of such application, the bank may pay the amount due on said passbook or other instrument or may issue a duplicate book or other instrument therefor. This section shall apply to passbooks and other instruments issued by a bank which subsequently has merged in, consolidated with or transferred its deposit liabilities to another bank.
When payment is made or a duplicate book or other instrument is issued in accordance with this section and after presentation of reasonable identification, a bank shall not be liable to any person on account of its action on the application, payments of the amount due on said passbook or other instrument or issuance of a duplicate book or other instrument therefor, except that a bank may be liable to a transferee, pledgee or assignee who, prior to such action, payment or issuance, has given the bank written notice of the transfer, pledge or assignment.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 12 - Deposits of Decedents; Payment

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 the discretion of the treasurer or other duly authorized officer of the bank or federally chartered bank, or pursuant to special vote of its board, after the expiration of 30 days from the death of such depositor, to the surviving spouse of said deceased depositor or if there be no surviving spouse, to the next of kin of such deceased upon presentation of a copy of the decedent's death certificate and the surrender of the deposit book or other instrument, if any, evidencing the deposit. Any such bank or federally-chartered bank may pay an order, drawn by a person who has funds on deposit to meet the same, notwithstanding the death of the drawer, if presentation is made within 30 days after the date of such order, and at any time if the corporation has not received written notice of the death of the drawer; provided, however, that in either event, that such funds would, on the date of such payment, have been subject to withdrawal by the drawer if living. Payments made under authority of any provision of this section shall discharge the liability of the bank or federally chartered bank to all persons to the extent of such payments.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 13 - Unusual Demand by Depositors for Withdrawals; Notice of Intention to Withdraw Deposit or to Apply for Loan Secured by Deposit

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 secured by such deposit. If, in the opinion of the commissioner, there is an unusual demand by depositors for withdrawals, the bank shall upon the commissioner's order 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 secured by such deposit. Such notice shall be for a period not exceeding 6 months, as may be determined by the commissioner. Said period may, in the commissioner's discretion, be extended up to 1 year from the date of notice. Until the notice requirement has been revoked by the commissioner, the foregoing limitations as to payments by way of withdrawal or loan applicable in case of a general requirement shall apply to such deposits.
Such bank shall not advertise for such deposits in newspapers, by posters or other written solicitation, while any requirement of notice of intention to withdraw is in effect, unless the advertisement shall contain, in type not smaller than the largest type thereof, a statement that such deposits may not be paid out, by way of withdrawal or loan, except in accordance with the terms of the requirement, which terms shall be set forth in such statement.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 14 - Agreements to Exculpate Bank From Payment of Deposit Account to Person Unlawfully Presenting Evidence of Account

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.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 15 - Designation of Beneficiary for Pension, Profit-Sharing, Etc. Plans

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 or retirement plan, trust or custodial account described in the Internal Revenue Code, and in effect from time to time, shall be effective according to its terms, notwithstanding any purported testamentary disposition allowed by statute, by operation of law or otherwise to the contrary. Nothing in this section shall limit, by implication or otherwise, any nonstatutory right of an employee to designate 1 or more beneficiaries of the employee's interest under any retirement plan not described in this section or under any other employee benefit plan.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 16 - Transfer of Funds of Depositor or Shareholder as Consequence of Default of Debt Owed to Bank; Notice

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 first class mail directed to the last known address of such depositor; provided, however, that if the debt is the result of consumer credit granted under the federal Truth in Lending Act, 15 U.S.C. 1601 et. seq., any required notice shall be made in compliance with federal law and the regulations promulgated thereunder. A depositor or shareholder to whom such notice has not been sent shall be entitled to recover the amount of any actual damages.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 17 - Set Off or Recoupment by Person Indebted to Bank

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, that if a proceeding in equity has been commenced to restrain the bank from doing its actual business, or if possession of such bank has been taken over by the commissioner, pursuant to section 22 of chapter 167, or as otherwise provided by law, no deposit shall be so set off or recouped by any such person unless the person held and owned the deposit on the date of the commencement of such proceeding or of possession so taken, and the right of set off or recoupment shall be determined as of such date whether the indebtedness of the depositor, or the deposit, is then due or payable or becomes due or payable at a later date. Any indebtedness against which a deposit is permitted to be set off or recouped as aforesaid may be secured or unsecured. Section 3 of chapter 232 shall not apply to a set off under this section; provided, however, that any party to a joint account may set off the joint deposit against the individual's debt to such bank. Notwithstanding the foregoing, a judgment shall not be rendered against such bank in favor of the defendant for any balance found due from it if a proceeding in equity has been commenced against the bank or possession thereof has been taken as aforesaid. The word ''deposit'', as used in this section, shall include interest due thereon.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 18 - Multiple Claimants for Deposited Funds

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 such notice to the plaintiff and to such claimants as the court considers proper, may order the proceedings to be amended by making such claimants defendants thereto, and thereupon the rights and interests of the several parties in and to said funds shall be heard and determined. Such deposits may remain with the bank until final judgment and shall be paid as the court orders, or may be paid into court to await final judgment, and when so paid into court, the action shall be discontinued as to such bank and its liability for such deposit shall cease. The taxable costs of the bank in such actions shall be in the discretion of the court and may be charged upon the fund.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 19 - Recognition by Bank of Adverse Claimants to Deposits

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 of the service upon the depository of appropriate process issued by a court of competent jurisdiction in a suit or action to which such person, or the person's executors or administrators, has been made a party, unless the adverse claimant gives bond satisfactory to the depository and the adverse claimant to hold harmless and indemnify it from any liability, loss, damage, costs and expenses whatsoever on account of such adverse claim, or files with the depository an affidavit setting forth facts showing a reasonable cause for belief that a fiduciary relationship exists between such person and said adverse claimant and that such person is about to misappropriate the deposit or securities in question.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167d - Deposits and Accounts › Section 20 - Repayment of Deposits Made at Branch Located in Foreign Country Prevented by Acts of War, Impairment of Operation of Civil Authority, Etc.

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 deposit made with any of the foregoing in the currency of a foreign country if repayment of such deposit or the use of such assets denominated in said foreign currency is prevented, prohibited or otherwise blocked due to: (a) an act of war, insurrection or civil strife; (b) any action by a foreign government or instrumentality, or authority asserting governmental, military or police power of any kind, whether such authority be recognized as a de facto or de jure government, or by any entity, political or revolutionary movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the closure of such foreign branch in order to prevent, in the reasonable judgment of the bank, harm to the bank's employees or property.
The obligation to repay any such deposit shall not be transferred to and shall not be enforced against any other branch of such bank, federal bank or Massachusetts branch.
Prior to the opening of any account for a retail customer that is subject to this section and with respect to any such account in existence on the effective date of this section, upon said effective date, such bank, federal bank or Massachusetts branch shall disclose to the prospective account holder the effect of this section. Such bank, federal bank or Massachusetts branch shall also disclose to all current account holders the effect of this section. Any such bank, federal bank or Massachusetts branch which fails to provide such disclosure shall not be entitled to avail itself of this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167e - Mortgages and Loans › Section 1 - Definitions

Section 1. As used in this chapter, the following words, shall unless the context otherwise requires, have the following meanings:—
''Bank'', a savings bank, co-operative bank, or trust company subject to the supervision of the commissioner of banks.
''Capital'', (1) the sum of the capital stock, surplus account and undivided profits of a savings bank or a co-operative bank which has converted to a stockholder form of corporation, a subsidiary banking institution of a mutual holding company as defined in chapter 167H or a trust company as defined in section 1 of chapter 172; (2) the sum of the surplus account of a mutual form savings bank governed by chapter 168 or a mutual form co-operative bank governed by chapter 170. The commissioner, in his discretion, may further define or permit adjustments to the capital accounts of a bank necessary to effect the purposes of this chapter.
''Commissioner'', the commissioner of banks.
''Real estate'', land or property, without geographic limitation, including improved land with a dwelling, owner occupied or unoccupied dwellings, unimproved land, farmland, a unit of a condominium, shares of stock issued by a co-operative housing corporation, industrial and commercial property, leasehold interests created in air rights over land, and any other interest in land; but a loan secured by real estate shall include a loan on a leasehold under a lease which does not expire for at least 5 years beyond the maturity date of the loan.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167e - Mortgages and Loans › Section 2 - Powers

Section 2. Every bank, subject to limitations imposed by this chapter or other General Laws, shall have the following powers and whatever further incidental or complementary powers that may fairly be implied from those expressly conferred and such as are reasonably necessary to enable it to exercise fully those powers according to common customs and usages:
(1) to discount, buy, invest in, hold, assign, transfer, sell and negotiate promissory notes, drafts, bills of exchange, mortgages, trade acceptances, banker's acceptances, bonds, debentures, bonds or notes secured by mortgages, installment obligations, accounts receivable, balances due on conditional sales and other evidences of debt for its own account or for the account of customers;
(2) to advance money or credits on real estate, on improvements thereto or on personal security, on terms to be agreed upon; and
(3) to buy, sell or make loans as participation loans with another bank or with an insurance company and to service loans sold by it.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167e - Mortgages and Loans › Section 4 - Loan Policies

Section 4. (a) Each bank shall adopt and maintain comprehensive written loan policies that establish appropriate limits and standards for extensions of credit under section 3 that are consistent with safe and sound banking practices and are appropriate to the size, nature and scope of the bank's operations.
(b) The loan policies shall establish prudent loan underwriting standards that clearly and measurably address, at a minimum: (1) maximum loan to value, loan amount, loan maturities, and debt to income requirements; (2) collateral and appraisal requirements; (3) application and loan approval requirements; and (4) loan administration procedures. The written loan policies shall be reviewed and approved annually by the bank's governing board.
(c) The commissioner may by directive, guideline or regulation, establish additional minimum safe and sound lending requirements.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167e - Mortgages and Loans › Section 5 - Inspection and Appraisal of Real Estate Securing a Loan

Section 5. (a) A bank shall inspect the real estate securing a loan in the event that a payment of interest or principal upon the loan or on account of real estate taxes upon the parcel mortgaged to secure the same shall be in default. Any such inspection shall be made in a manner consistent with and not later than the time periods specified in the policy of the bank. Periodic inspection of the parcel mortgaged shall continue in accordance with the policy until the loan is no longer in default.
(b) The commissioner may cause an appraisal of real estate to be made at the expense of the bank whenever the commissioner considers an excessive loan has been made or is about to be made upon real estate.
(c) A bank shall not directly or indirectly, make a loan or discount on the security of the shares of its own capital or on the security of the shares of capital of any company, 50 per cent or more of the assets of which consists of capital of the corporation, unless the security shall be necessary to prevent loss upon a debt previously contracted in good faith. An officer or employee of a bank who knowingly violates this section shall be punished by a fine of not more than $5,000 or by imprisonment for not more than 1 year, or both.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167e - Mortgages and Loans › Section 7a - Reverse Mortgage Loan Requirements

Section 7A. (a) As used in this section the following word shall, unless the context clearly requires otherwise, have the following meaning:—
''Mortgagor'', an applicant for a reverse mortgage who: (1) has a gross income of less than 50 percent of the area median income, as periodically determined by the United States Department of Housing and Urban Development; and (2) possesses assets, excluding a primary residence, valued at less than $120,000.
(b) No mortgagee shall make a reverse mortgage loan pursuant to section 7 to a mortgagor unless: (i) the mortgagor affirmatively opts in writing for the reverse mortgage; and (ii) at or before the closing of any reverse mortgage loan the mortgagee has received written certification from a counselor with a third-party organization that the mortgagor has received counseling in person relative to the appropriateness of the loan transaction from the third party organization and has completed an approved counseling program offered by the third party organization; provided, however, that the third party organization shall have been approved by the executive office of elder affairs for purposes of such counseling.
(c) A reverse mortgage executed with a borrower that has not received counseling by a third party approved by the executive office of elder affairs shall render the terms of the reverse mortgage unenforceable. The commissioner shall adopt regulations to administer and implement this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167e - Mortgages and Loans › Section 8 - Acquisition of Mortgage Loans; Restrictions

Section 8. (a) A bank may make or acquire mortgage loans evidenced by a note which provides for variation in the rate of interest over the term of the note; but a loan made to finance or refinance the purchase of and secured by a first lien on a dwelling house of 4 or fewer separate households occupied in whole or in part by the mortgagor shall be subject to but not limited to the following conditions and restrictions imposed by the commissioner:
(1) the method by which the rate of interest may be adjusted;
(2) the frequency with which the rate of interest may be adjusted, but successive rate adjustments shall be no less than 6 months apart;
(3) the maximum increase in the rate of interest allowed for the adjustment;
(4) provisions for decreases in the rate of interest as may be warranted by market conditions;
(5) requirements for advance notification and explanation of adjustments in the rate of interest, but the notification and explanation shall occur no less than 30 days before the adjustment; and
(6) methods of disclosure to the mortgagor of the terms and conditions of the loan as required under chapter 140D.
Notwithstanding any law to the contrary, the commissioner may by further conditions and restrictions provide that the rate of amortization may be varied, including utilizing a period of negative amortization, in order to adjust the rate of interest.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167f - Investments and Other Powers › Section 1 - Definitions

Section 1. As used in this chapter, the following words shall, unless the context otherwise requires, have the following meanings:—
''Bank'', an association or corporation chartered by the commonwealth under chapter 168, 170 or 172.
''Board'', the board of trustees or directors, as the case may be, in a bank.
''Capital stock'', the sum of the par value of the preferred and common shares of capital stock of a trust company, issued and outstanding.
''Commissioner'', the commissioner of banks.
''Federally chartered bank'', a national banking association, federal savings and loan association, federal savings bank or federal credit union authorized to do business in the commonwealth.
''Stock corporation'', an association or corporation chartered by the commonwealth under the provisions of chapter 168 or 170, which has converted to a stockholder form of corporation, or a trust company as defined in chapter 172.
''Surplus account'', an account so designated on the books of a bank and consisting of amounts required by law.
''Thrift Institution'', an association or corporation chartered by the commonwealth under chapter 168 or 170 which is in mutual form.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167f - Investments and Other Powers › Section 5 - Federal Home Loan Bank; Membership; Investment in Stock

Section 5. A bank may become a member of the Federal Home Loan Bank established for the district of New England under the provisions of an act of Congress, approved July twenty-second, nineteen hundred and thirty-two, as amended, and known as the Federal Home Loan Bank Act, or of any successor of said bank; and may terminate such membership at any time. A bank may subscribe to and invest in such amounts of the stock of said home loan bank or of any such successor as may be required by law to qualify such corporation for membership therein.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167f - Investments and Other Powers › Section 8 - Subscription for and Acquisition of Stock Issued by Federal Reserve Bank of Boston

Section 8. Any such bank may subscribe for and acquire stock issued by the Federal Reserve Bank of Boston for the purpose of qualifying for membership in the federal reserve system, and while a member of such system may have and exercise any and all of the corporate powers and privileges which may be exercised by federal reserve member banks.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 167f - Investments and Other Powers › Section 9 - Membership in Certain Organizations

Section 9. Such bank may, by vote of its board of investment, or board of directors, obtain memberships in certain organizations, and may make contributions and donations and subscribe for services, subject to the conditions, and requirements of this section.
1.
Banking Association Memberships.
— Such corporation may become a member of any association organized to protect and promote the interests of banking institutions, and may pay for such membership its proportionate share of the expenses as is reasonable and necessary.
2.
Miscellaneous Memberships.
— Such corporation may become a member of or contribute to any other association or organization in the commonwealth if, in the opinion of said board, such membership or contribution is reasonable and of substantial benefit to such corporation and its depositors.
3.
Subscriptions to Services.
— For the purposes of promoting, protecting or conserving the assets of banking institutions, such corporation may subscribe for services, including advertising and professional services, rendered or to be rendered collectively through an association referred to in paragraph 1 or through any group of banking institutions; and in each such case the corporation, with the approval of the board, may pay for such services its proportionate share of the total cost thereof or such other amount as said board shall deem reasonable and proper.