AN ACT RELATIVE TO DEPOSITS IN TRUST FOR OTHER PERSONS.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
Chapter 167D of the General Laws is hereby amended by striking out section 6, as appearing in the 2008 Official Edition, and inserting in place thereof the following section:-
Section 6. Any bank or federally-chartered bank may receive deposits made by 1 or 2 persons in trust for other persons. The name, residence and date of birth of the person or persons for whom such deposit is being made shall be disclosed and the deposit shall be credited to the depositors as trustees for such persons. Payments may be made to the trustee, or if there are 2 trustees, to both or to either or the survivor. If no other notice of the existence and terms of a trust has been received in writing by the bank or federally-chartered bank upon the death of the trustee or, if there are 2 trustees, upon the death of both of them, the amount then on deposit together with the interest thereon shall be paid to the persons who survive the death of the last surviving trustee in an equal portion of the funds for whom such deposit was made or to their legal representatives. Each person or his representative claiming to be a beneficiary under this section shall provide such identification and other information as requested by the bank or federally-chartered bank. Withdrawals and payments made in accordance with this section shall fully discharge the liability of the bank or federally-chartered bank to all persons.
Approved, August 9, 2010.