Section 8. No bank shall give collateral or other security for a deposit of money received in its banking department, except that such bank may make such a deposit of securities or satisfy any provision as may be required by the laws of the United States or the rules and regulations of any department, agency or instrumentality thereof as security for deposits of funds made by the United States or any department, agency or instrumentality thereof with such bank and may give such collateral or other security for deposits of public or other funds as may be required by any public authority making such deposits or controlling the terms upon which they may be made and except as provided in section 8 of chapter 167G.
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