Massachusetts § 40 - Trust accounts
Full text of Massachusetts Massachusetts General Laws § 40 — Trust accounts, with citation guidance and answers to common questions.
§ 40. Trust accounts
Section 40. Subject to the foregoing limitations in respect to shares and deposits and requirements relative to notice, shares may be subscribed for and deposits may be accepted in the name of one or two persons in trust for another provided the name and residence of the beneficiary is disclosed, and such shares and deposits shall be carried in the name of the shareholder or depositor as trustee or trustees. Payments may be made to the trustee, and if there are two trustees, payments may be made to both or to either or to the survivor. If no other notice of existence and terms of a trust has been received in writing by the credit union, upon the death of the trustee or if there are two trustees then upon the death of both, the amount then on deposit together with the dividends thereon may be paid to the person for whom such deposit was made or to his legal representative. Withdrawals and payments made as provided in this section shall fully discharge the liability of the credit union to all persons.
Frequently Asked Questions About Massachusetts § 40
What does Massachusetts General Laws § 40 cover?
Section 40 ("Trust accounts") is part of the Massachusetts General Laws, the codified statutory law of Massachusetts. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Massachusetts § 40?
A common citation format is "Massachusetts General Laws § 40" (Massachusetts). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Massachusetts law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Massachusetts official source linked on this page or consult a licensed Massachusetts attorney.
How does Massachusetts § 40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Massachusetts can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Massachusetts.