Mass. General Laws c.171, § 50

Shares or accounts pledged as security; transfer, assignment or credit at foreclosure

This is an unofficial version of a Massachusetts General Law. For more information on this topic, please see Law about credit and banking.

Updates

Amended by St.2020, c.338, § 52, effective April 12, 2021

Section 50

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.

Last updated:	January 12, 2021