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The 189th General Court of the Commonwealth of Massachusetts

Section 50: Shares or accounts pledged as security; transfer, assignment or credit at foreclosure

Section 50. In the event that any shares or accounts which are pledged as security for any loan are sold, forfeited, transferred, assigned or credited for the non-performance of the conditions of such loan or on the foreclosure thereof or for any other lawful purpose, the treasurer shall have full authority to transfer, assign or credit such shares or accounts to the bank or purchaser at any foreclosure or other sale to any assignee.