Bill Text: MA H999 | 2009-2010 | 186th General Court | Introduced
Bill Title: Authorize certain banks to receive deposits made by one or two persons in trust for other persons
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2010-08-09 - Signed by the Governor, Chapter 273 of the Acts of 2010 [H999 Detail]
Download: Massachusetts-2009-H999-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
David M. Nangle
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act relative to deposits in trust for other persons.
_______________
PETITION OF:
|
Name: |
District/Address: |
|
David M. Nangle |
17th Middlesex |
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act relative to deposits in trust for other persons.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
SECTION 1: Section 6 of Chapter 167D, as appearing in the 2006 Official Edition is hereby amended by striking said section and inserting in place thereof the following:
Section 6. Any bank or federally-chartered bank may receive deposits made by one or two persons in trust for other persons. The name, residence and date of birth of the person(s) for whom such deposit is made shall be disclosed and the deposit shall be credited to the depositors as trustees for such persons. Payments may be made to the trustee, or if there are two trustees, to both or to either or the survivor. If no other notice of the existence and terms of a trust has been received in writing by the bank or federally chartered bank upon the death of the trustee, or if there are two trustees, upon the death of both, the amount then on deposit together with the interest thereon shall be paid to the persons who survive the death of the last surviving trustee in an equal portion of the funds for whom such deposit was made, or to their legal representatives. Each person or his representative claiming to be a beneficiary under this section shall provide such identification and other information as requested by the bank or federally chartered bank. Withdrawals and payments made in accordance with this section shall fully discharge the liability of the bank or federally chartered bank to all persons.
