2018 Massachusetts General Laws
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
Chapter 200A DISPOSITION OF UNCLAIMED PROPERTY
Section 15D Good faith delivery to treasurer; defense and indemnification by commonwealth

Universal Citation: MA Gen L ch 200A § 15D (2018)

Section 15D. (1) If the holder pays or delivers property to the treasurer in good faith and thereafter another person claims the property from the holder or another state claims the money or property under its laws relating to escheat or abandoned or unclaimed property, the commonwealth, upon written notice to the treasurer of the claim, shall defend the holder against the claim and indemnify the holder against any liability on the claim.

(2) For the purposes of this section, ''good faith'' shall mean: (1) payment or delivery was made in a reasonable attempt to comply with this chapter; (2) the person delivering the property was not a fiduciary then in breach of trust in respect to the property and had reasonable basis for believing, based on the facts then known to him, that the property was abandoned for the purposes of this chapter; and (3) there is no showing that the records pursuant to which the delivery was made did not meet reasonable commercial standards of practice in the industry.

Disclaimer: These codes may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.