Ask Reggi Your Question Now
Can you summarize MGL Chapter 167D?
CORPORATIONS > DEPOSITS AND ACCOUNTS
Short Summary
The provided legal document content covers various aspects related to deposits and accounts in the context of Massachusetts General Law. It includes provisions for the recognition of adverse claimants to deposits, repayment of deposits made at foreign branches, ability to set off or recoup deposits against debts, notification of transfer of funds to reduce debts, designation of beneficiaries in retirement plans, exculpation of banks when paying deposits to unauthorized persons, handling of lost or stolen passbooks or instruments, establishment of accounts for security deposits and condominium funds, procedures for handling unusual demands for withdrawals, payment of deposits belonging to deceased depositors, giving collateral for deposits, provision of cancelled instruments to depositors, assessment of fees for returned checks, establishment of savings promotion raffles, establishment of limited access deposit accounts, and establishment of demand deposit and savings accounts for certain age groups. These documents apply to banks, federally-chartered banks, depositors, claimants, debtors, shareholders, beneficiaries, lessors, managers or managing agents, depositors’ surviving spouses or next of kin, blind depositors, and natural persons for personal, family, or household purposes. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, federally-chartered banks, depositors, claimants, debtors, shareholders, beneficiaries, lessors, managers or managing agents, depositors' surviving spouses or next of kin, blind depositors, natural persons for personal, family, or household purposes, individuals who are 18 years of age or under or 65 years of age or older
What does it govern?
Recognition of adverse claimants to deposits by banks and other corporations doing a banking business in the state, repayment of deposits made at branches located in foreign countries, ability of a person indebted to a bank to set off or recoup the amount of a deposit held in the bank, notification of transfer of funds from a depositor or shareholder to reduce or extinguish a debt, designation of beneficiaries in connection with pension, profit-sharing, or other deferred compensation or retirement plans, exculpation of banks when paying deposits to persons unlawfully presenting passbooks or other instruments, handling of lost, stolen, or destroyed passbooks or other instruments issued by a bank, establishment of accounts to receive security deposits taken by lessors of residential dwelling units, establishment of accounts to receive condominium funds held by managers or managing agents, procedures for handling unusual demands by depositors for withdrawals, payment of deposits belonging to deceased depositors, giving collateral or other security for deposits, provision of cancelled instruments or copies to depositors, assessment of fees for returned checks, establishment of savings promotion raffles, establishment and usage of limited access deposit accounts, establishment and usage of demand deposit accounts and savings accounts for certain age groups
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Massachusetts