Massachusetts Statutes
§ 40 — Trusts for the benefit of creditors; validity of certain acts of trustees; insolvency proceedings
Massachusetts § 40
JurisdictionMassachusetts
Part IIREAL AND PERSONAL PROPERTY AND DOMESTIC RELATIONS
Title IIDESCENT AND DISTRIBUTION, WILLS, ESTATES OF DECEASED PERSONS AND ABSENTEES, GUARDIANSHIP, CONSERVATORSHIP AND TRUSTS
Ch. 203TRUSTS
This text of Massachusetts § 40 (Trusts for the benefit of creditors; validity of certain acts of trustees; insolvency proceedings) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Mass. Gen. Laws ch. 203, § 40 (2026).
Text
Section 40. If a debtor residing in the commonwealth has made an assignment to a trustee for the benefit of his creditors, the acts of the trustee thereunder in protecting and caring for the property and converting it into money, if done in good faith and with reasonable judgment and discretion, shall, subject to the following section, be valid notwithstanding subsequent proceedings in insolvency by or against the debtor, and the assignee in insolvency shall, if such assignment is avoided by him, recover the net amount of money received for, or the price of, the property sold and converted by such trustee instead of the property itself.
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Bluebook (online)
Massachusetts § 40, Counsel Stack Legal Research, https://law.counselstack.com/statute/ma/203/40.