Massachusetts General Laws
Chapter 167d - Deposits and Accounts
Section 9 - Deposits From Residential Dwelling Unit Lessor Acting as Trustee for Security Deposits

Section 9. Any bank or federally-chartered bank may establish an account to receive deposits from a lessor acting as a trustee for funds received and held by such trustee pursuant to paragraph (a) of subsection (3) of section 15B of chapter 186. Such account may be established as required by said section 15B for the purpose of holding security deposits taken by a lessor of residential dwelling units owned or managed by said lessor; provided, that the terms of said account shall place said deposit beyond the claim of a creditor of the lessor, including a foreclosing mortgagee or trustee in bankruptcy, and shall provide for the transfer of said deposit to a subsequent owner of any property for which such security deposit was taken. Interest accruing on said deposit shall be paid to the lessor pursuant to the terms of the deposit. Withdrawals and payments made by the corporation from said account shall discharge the liability of said corporation to all persons.

Structure Massachusetts General Laws

Massachusetts General Laws

Part I - Administration of the Government

Title XXII - Corporations

Chapter 167d - Deposits and Accounts

Section 1 - Definitions

Section 2 - Powers

Section 3 - Types of Deposits Which May Be Received by Bank

Section 3a - Savings Promotion Raffles

Section 4 - Limited Access Deposit Accounts

Section 5 - Demand Deposit Account and Savings Account for Persons 18 Years of Age or Under or 65 Years of Age or Older

Section 6 - Fee, Charges or Assessments; Refusal of Payment of Deposited Instruments; Costs for Processing Deposited Instrument

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 10 - Deposits From Condominium Manager or Managing Agent Acting as Trustee for Condominium Funds

Section 11 - Lost, Stolen or Destroyed Passbooks

Section 12 - Deposits of Decedents; Payment

Section 13 - Unusual Demand by Depositors for Withdrawals; Notice of Intention to Withdraw Deposit or to Apply for Loan Secured by Deposit

Section 14 - Agreements to Exculpate Bank From Payment of Deposit Account to Person Unlawfully Presenting Evidence of Account

Section 15 - Designation of Beneficiary for Pension, Profit-Sharing, Etc. Plans

Section 16 - Transfer of Funds of Depositor or Shareholder as Consequence of Default of Debt Owed to Bank; Notice

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

Section 20 - Repayment of Deposits Made at Branch Located in Foreign Country Prevented by Acts of War, Impairment of Operation of Civil Authority, Etc.