Massachusetts General Laws ch. 203D sec. 15 – Obligation to pay money
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Section 15. (a) An amount received as interest, whether determined at a fixed, variable or floating rate on an obligation to pay money to the trustee, including an amount received as consideration for prepayment of principal, shall be allocated to income without any provision for amortization of premium.
Terms Used In Massachusetts General Laws ch. 203D sec. 15
- Amortization: Paying off a loan by regular installments.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
(b) This section shall not apply to an obligation to which section 18, 19, 20, 21, 23 or 24 applies.