§ 8 — Intangible property

Section 8. If such absentee has left no corporeal property within the commonwealth, but there are debts and obligations due or owing to him from persons within the commonwealth, a petition may be filed as provided in section one, stating the nature and amount of such debts and obligations, so far as known, and praying that a receiver thereof may be appointed. The court may thereupon issue a notice as above provided and may, upon the return of said notice and after a hearing, dismiss the petition or appoint a receiver and authorize and direct him to demand and collect the debts and obligations specified in said petition; provided, that no public administrator shall be appointed as such receiver when the sole known assets of the estate of the absentee consist of an amount of money standing to his credit in a savings bank or in the savings department of a trust company, in case such account has not been increased by a deposit, nor decreased by a withdrawal of any part of his deposits or of any part of the interest thereon, during a period of ten years or more next preceding the petition for appointment of a receiver. The receiver shall give bond as provided in section five, and shall hold the proceeds of such debts and obligations and all property received by him, and distribute the same as hereinafter provided. He may be further authorized and directed as provided in section seven.