§ 23 — Notice of taking possession of bank by commissioner

Massachusetts § 23

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 167: SUPERVISION OF BANKS

Text

Section 23. Upon taking possession of the property and business of a bank, the commissioner shall forthwith give notice thereof to all banks, associations and individuals holding or having possession of any assets of such bank. No bank, association or individual, knowing that the commissioner has taken such possession or having been notified thereof as aforesaid, shall have a lien or charge for any payment, advance or clearance thereafter made, or liability thereafter incurred, against any of the assets of the bank of whose property and business the commissioner shall have taken possession as aforesaid. Such bank may, with the consent of the commissioner, resume business upon such conditions as said commissioner may approve; provided, however, that if, in said commissioner's judgment it is for the public interest so to do, said commissioner may retain, in behalf of the bank the control, prosecution or defense of any undetermined suits or claims brought on behalf of, or against, the bank under section twenty-five during the time when the bank was in said commissioner's charge, and the expense of prosecuting or defending such suits or claims shall be paid from the funds of such bank.