Ask Reggi Your Question Now
Can you summarize MGL Chapter 167G?
CORPORATIONS > TRUST DEPARTMENT
Short Summary
The provided legal document, governed by the Massachusetts General Law, outlines the powers and activities of the trust department of a bank. The trust department is authorized to hold money or property in trust or on deposit from personal representatives, voluntary personal representatives, assignees, conservators, and trustees. It can also act as a personal representative, voluntary personal representative, receiver, assignee, guardian, conservator, or trustee under a will or instrument creating a trust. Additionally, the trust department can act as an agent for issuing, transferring, registering, or countersigning certificates of stock, bonds, or other evidences of ownership. It can also act as a trustee or financial agent for individuals, associations, trusts, corporations, municipal corporations, or governments, and negotiate loans and the sale, purchase, or acquisition of securities or other property. The document also allows the trust department to hold securities as an agent or custodian for any fiduciary and to deposit securities in a securities depository or clearing corporation. Furthermore, it authorizes the trust department to establish and utilize collective investment funds for temporary investments of cash held in a fiduciary capacity. Overall, this document provides the legal framework for the powers and activities of trust departments in Massachusetts.
Whom does it apply to?
Trust departments of banks in Massachusetts
What does it govern?
Powers and activities of trust departments in Massachusetts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Massachusetts