Section 40. If a debtor residing in the commonwealth has made an assignment to a trustee for the benefit of his creditors, the acts of the trustee thereunder in protecting and caring for the property and converting it into money, if done in good faith and with reasonable judgment and discretion, shall, subject to the following section, be valid notwithstanding subsequent proceedings in insolvency by or against the debtor, and the assignee in insolvency shall, if such assignment is avoided by him, recover the net amount of money received for, or the price of, the property sold and converted by such trustee instead of the property itself.
Structure Massachusetts General Laws
Part II - Real and Personal Property and Domestic Relations
Section 1 - Trusts in Realty; Necessity of Writing
Section 2 - Record of Trust; Notice
Section 3 - Purchasers Without Notice
Section 3a - Trusts for Benefit of Employees; Rule Against Perpetuities
Section 4 - Testamentary Trustee; Appointment
Section 4a - Definitions Applicable to This Section and Sec. 4b
Section 4b - Fiduciaries; Disclosure Statements; Contents
Section 14b - Securities Held by Fiduciaries; Powers of Fiduciaries; Records and Certification
Section 42 - Trusts for the Benefit of Creditors; Termination of Trust