Massachusetts General Laws
Chapter 65 - Taxation of Legacies and Successions
Section 15 - Security for Payment of Tax

Section 15. In case of a devise, bequest or grant of real or personal property made or intended to take effect in possession or enjoyment after the death of the grantor, to take effect in possession or come into actual enjoyment after the expiration of one or more life estates or a term of years, whether conditioned upon the happening of a contingency, dependent upon the exercise of a discretion, subject to a power of appointment, or otherwise, the taxes upon which have not yet become due, the executor, administrator, trustee or grantee may (a) deposit with the state treasurer bonds or other negotiable obligations of the commonwealth or of the United States of America of such aggregate face amount as the commissioner may from time to time deem necessary to adequately secure payment of such taxes, or (b) any executor, administrator, trustee or grantee, or any person interested in such devise, bequest or grant may give bond to a judge of the probate court having jurisdiction of the estate of the decedent, in such amount and with such sureties as said court may approve, conditioned that the obligor shall notify the commissioner when said taxes become due and shall then pay the same to the commonwealth. In case of a deposit of bonds or other negotiable obligations with the state treasurer hereunder, he shall pay to such executor, administrator, trustee or grantee as aforesaid or persons entitled thereto the interest accruing thereon and, if such taxes shall be paid in full when due, shall return such bonds or obligations to the persons entitled thereto; but if such taxes shall not be paid when due, the state treasurer may sell all or any part of such bonds or obligations to satisfy such taxes and shall return to the persons entitled thereto all the proceeds of such sale, and all such bonds or obligations, remaining in his hands after satisfying such taxes.

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