Massachusetts General Laws
Chapter 200a - Disposition of Unclaimed Property
Section 15c - Charges and Cessation of Interest on Abandoned Property

Section 15C. In connection with property heretofore or hereinafter reportable or reportable under this chapter, no holder may impose any charges in respect of dormancy or inactivity on a savings or checking account or cease payment of interest unless:—
(1) such charges and such cessation of interest are provided for in a valid, enforceable and written contract between the holder and the customer which specifies the amount of such charges and that interest will cease;
(2) the customer is notified prior to the imposition of such charges and cessation of interest; and
(3) it is not the policy of the holder to waive such charges or to restore interest. No holder shall deduct from the amount of any draft, registered check, money order, certified check, cashier's check or treasurer's check or any similar written instrument any charges imposed by reason of the failure to present such items for encashment unless such charges are provided for in a valid enforceable and written contract and it is not the policy of the holder to waive such charges.

Structure Massachusetts General Laws

Massachusetts General Laws

Part II - Real and Personal Property and Domestic Relations

Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts

Chapter 200a - Disposition of Unclaimed Property

Section 1 - Definitions

Section 1a - Intangible Personal Property; Presumption of Abandonment

Section 2 - Property; Presumption of Abandonment

Section 3 - Property on Deposit; Presumption of Abandonment

Section 3a - Automatically Renewable Abandonment Periods

Section 4 - Property Deposited as Security; Presumption of Abandonment

Section 5 - Dividends, Stock, Bonds, etc.; Presumption of Abandonment

Section 5a - Insurance Proceeds; Presumption of Abandonment

Section 5b - Dividends, Etc. of Business Associations; Presumption of Abandonment

Section 5c - Employee Benefit Trust Distributions; Presumption of Abandonment

Section 5d - Gift Certificates; Validity; Expiration; Redemption

Section 6 - Money Paid Into Court; Presumption of Abandonment

Section 6a - Property Distributable Upon Dissolution or Liquidation; Presumption of Abandonment

Section 6b - Traveler's Checks and Other Written Instruments; Presumption of Abandonment

Section 6c - Traveler's Checks and Other Written Instruments; Records; Penalty

Section 6d - Property Payable in Course of Demutualization; Presumption of Abandonment

Section 6e - Mineral Proceeds; Abandonment

Section 7 - Report; Form; Contents

Section 7a - Notice to Property Owner at Last Known Address

Section 7b - Property Owner's Last Known Address; Record

Section 8 - Notice of Certain Unclaimed Property; Publication; Form

Section 8a - Delivery or Payment of Abandoned Property to State Treasurer

Section 8b - Recovery of Property by Another State

Section 9 - Property Surrendered to Treasurer; Liquidation; Funds

Section 9a - Disposition of Abandoned Funds by City or Town; Notice of Period During Which Funds May Be Claimed; City Treasurer Authorized to Hear Claims; Appeal; Disbursement

Section 10 - Property Surrendered to Treasurer; Claims; Hearings; Appeals

Section 10a - Dividends, Interest, etc.; Credit to Owner's Account

Section 11 - Actions by or in Another State to Reclaim Property; Costs; Information

Section 12 - Treasurer; Examination of Books and Records; Reporting Violations; Penalty; Costs; Interest; Limitation Period for Examinations; Appeal of Audit Findings; Written Petition for Review

Section 13 - Agreements to Recover Property

Section 13a - Rules and Regulations

Section 13b - Extensions for Filing Reports of Abandoned Property

Section 14 - Construction

Section 15 - Insufficient Funds; Payment of Expenses Incurred in Anticipation of Revenues to Be Received During Fiscal Year

Section 15a - Delivery or Payment of Abandoned Property as Release and Discharge

Section 15b - Duplicate Certificates of Ownership; Holders of Interests Under Sec. 5b

Section 15c - Charges and Cessation of Interest on Abandoned Property

Section 15d - Good Faith Delivery to Treasurer; Defense and Indemnification by Commonwealth

Section 16 - Inconsistent Provisions; Repeal

Section 17 - Severability