Massachusetts § 15 Obligation to pay money

Massachusetts Statutes

§ 15 — Obligation to pay money

Massachusetts·Part II REAL AND PERSONAL PROPERTY AND DOMESTIC RELATIONS·Title II DESCENT AND DISTRIBUTION, WILLS, ESTATES OF DECEASED PERSONS AND ABSENTEES, GUARDIANSHIP, CONSERVATORSHIP AND TRUSTS·Ch. 203D PRINCIPAL AND INCOME

Section 15.

(a)An amount received as interest, whether determined at a fixed, variable or floating rate on an obligation to pay money to the trustee, including an amount received as consideration for prepayment of principal, shall be allocated to income without any provision for amortization of premium.

(b)This section shall not apply to an obligation to which section 18, 19, 20, 21, 23 or 24 applies.

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Section 15. (a) An amount received as interest, whether determined at a fixed, variable or floating rate on an obligation to pay money to the trustee, including an amount received as consideration for prepayment of principal, shall be allocated to income without any provision for amortization of premium.(b) This section shall not apply to an obligation to which section 18, 19, 20, 21, 23 or 24 applies.

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