Section 20. Notwithstanding any general or special law to the contrary, a bank, a federal bank or a Massachusetts branch, as defined in section 1 of chapter 167, shall not be required to repay any deposit made at a branch of such bank, federal bank or Massachusetts branch located in a foreign country, or any deposit made with any of the foregoing in the currency of a foreign country if repayment of such deposit or the use of such assets denominated in said foreign currency is prevented, prohibited or otherwise blocked due to: (a) an act of war, insurrection or civil strife; (b) any action by a foreign government or instrumentality, or authority asserting governmental, military or police power of any kind, whether such authority be recognized as a de facto or de jure government, or by any entity, political or revolutionary movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the closure of such foreign branch in order to prevent, in the reasonable judgment of the bank, harm to the bank's employees or property.
The obligation to repay any such deposit shall not be transferred to and shall not be enforced against any other branch of such bank, federal bank or Massachusetts branch.
Prior to the opening of any account for a retail customer that is subject to this section and with respect to any such account in existence on the effective date of this section, upon said effective date, such bank, federal bank or Massachusetts branch shall disclose to the prospective account holder the effect of this section. Such bank, federal bank or Massachusetts branch shall also disclose to all current account holders the effect of this section. Any such bank, federal bank or Massachusetts branch which fails to provide such disclosure shall not be entitled to avail itself of this section.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 167d - Deposits and Accounts
Section 3 - Types of Deposits Which May Be Received by Bank
Section 3a - Savings Promotion Raffles
Section 4 - Limited Access Deposit Accounts
Section 7 - Provision of Cancelled Instruments or Copies Thereof
Section 8 - Collateral or Security for Deposit of Money Received
Section 9 - Deposits From Residential Dwelling Unit Lessor Acting as Trustee for Security Deposits
Section 11 - Lost, Stolen or Destroyed Passbooks
Section 12 - Deposits of Decedents; Payment
Section 15 - Designation of Beneficiary for Pension, Profit-Sharing, Etc. Plans
Section 17 - Set Off or Recoupment by Person Indebted to Bank
Section 18 - Multiple Claimants for Deposited Funds
Section 19 - Recognition by Bank of Adverse Claimants to Deposits