§ 1 Definitions
§ 2 Powers
§ 3 Types of deposits which may be received by bank
§ 3A Savings promotion raffles
§ 4 Limited access deposit accounts
§ 5 Demand deposit account and savings account for persons 18 years of age or under or 65 years of age or older
§ 6 Fee, charges or assessments; refusal of payment of deposited instruments; costs for processing deposited instrument
§ 7 Provision of cancelled instruments or copies thereof
§ 8 Collateral or security for deposit of money received
§ 9 Deposits from residential dwelling unit lessor acting as trustee for security deposits
§ 10 Deposits from condominium manager or managing agent acting as trustee for condominium funds
§ 11 Lost, stolen or destroyed passbooks
§ 12 Deposits of decedents; payment
§ 13 Unusual demand by depositors for withdrawals; notice of intention to withdraw deposit or to apply for loan secured by deposit
§ 14 Agreements to exculpate bank from payment of deposit account to person unlawfully presenting evidence of account
§ 15 Designation of beneficiary for pension, profit-sharing, etc. plans
§ 16 Transfer of funds of depositor or shareholder as consequence of default of debt owed to bank; notice
§ 17 Set off or recoupment by person indebted to bank
§ 18 Multiple claimants for deposited funds
§ 19 Recognition by bank of adverse claimants to deposits
§ 20 Repayment of deposits made at branch located in foreign country prevented by acts of war, impairment of operation of civil authority, etc.

Terms Used In Massachusetts General Laws > Chapter 167D - Deposits and Accounts

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • 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.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC