§ 19A — Joint control of trust estates; agreements between fiduciaries and sureties; authorization

Massachusetts § 19A

• Jurisdiction: 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. 205: BONDS OF EXECUTORS, ADMINISTRATORS, GUARDIANS, CONSERVATORS, TRUSTEES AND RECEIVERS

Text

Section 19A. Any receiver, assignee, guardian, conservator, trustee, executor, administrator or other fiduciary, or party from whom a bond is required, may agree and arrange with his sureties for the deposit for safekeeping of any or all moneys, assets, and other property for which he is or may be responsible with a bank, savings bank, safe deposit or trust company authorized by law to do business as such in the commonwealth, or to deposit such moneys on paid-up shares and accounts of and in a co-operative bank or to invest such moneys in the purchase of share accounts or in savings deposits accounts of a federal savings and loan association or to invest such moneys in the purchase of share accounts of a savings and loan association located in the commonwealth, and in such manner as to prevent the withdrawal or alienation of such money, assets or other property or any part thereof, without the written consent of such sureties, or an order of the court in which said bond is filed, or of a judge thereof, made on such notice to such sureties as the court or judge may direct.