Mass. Gen. Laws ch. 171 § 50

Current through Chapter 223 of the 2024 Legislative Session

Section 171:50 - Shares or accounts pledged as security; transfer, assignment or credit at foreclosure

In the event that any shares or accounts which are pledged as security for any loan are sold, forfeited, transferred, assigned or credited for the non-performance of the conditions of such loan or on the foreclosure thereof or for any other lawful purpose, a duly authorized officer of the corporation shall have full authority to transfer, assign or credit such shares or accounts to the bank or purchaser at any foreclosure or other sale to any assignee.

Mass. Gen. Laws ch. 171, § 50

Amended by Acts 2020, c. 338,§ 52, eff. 4/12/2021.