Massachusetts General Laws ch. 183 sec. 51 – Bond of trustee; proceeds of sale or mortgage
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Section 51. A trustee appointed under section forty-nine shall give bond in such form and for such amount as the court appointing him may order, and he shall receive and hold, invest or apply the proceeds of any sale or mortgage made by him for the benefit of the persons who would have been entitled to the land if such sale or mortgage had not been made, and the probate court of any county where any part of such land is situated shall have jurisdiction of all matters thereafter arising relative to such trust.
Terms Used In Massachusetts General Laws ch. 183 sec. 51
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Probate: Proving a will
- Trustee: A person or institution holding and administering property in trust.