Section 6 Deposits in trust for another - Massachusetts Statutes

Section 6. Any bank or federally-chartered bank may receive deposits made by one or two persons in trust for another. The name and residence of the person for whom such deposit is made shall be disclosed and the deposit shall be credited to the depositors as trustees for such person. Payments may be made to the trustee, or if there are two 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 two trustees upon the death of both, the amount then on deposit together with the interest thereon may be paid to the person for whom such deposit was made, or to his legal representative. Withdrawals and payments made in accordance with this section shall fully discharge the liability of the bank or federally chartered bank to all persons.