Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Subsection C of section 14 of chapter 167E of the General Laws, as appearing in the 1990 Official Edition, is hereby amended by adding the following two paragraphs:-

8. Obligations for funds advanced to facilitate prompt clearance or settlement arising from the purchase or sale of readily-marketable securities, which obligations, are secured by readily-marketable securities having a market value at the time the advance is made of not less than the principal amount of said advance, shall be required to be repaid upon settlement of such purchase or sale.

9. Obligations which are secured by a deposit account in the lending bank which is not subject to withdrawal.