Section 27 Deposit of certain funds - Massachusetts Statutes

[Text of section effective until July 1, 2011. Repealed by 2008, 521, Sec. 38. See 2008, 521, Sec. 44.]

Section 27. If an executor, administrator, guardian, conservator or trustee has money which he considers it advisable to deposit in a savings bank, or in savings accounts in a trust company, or on paid-up shares and accounts of and in a co-operative bank, or with which he considers it advisable to purchase shares or make deposits in a credit union located in the commonwealth or to purchase share accounts of a federal savings and loan association or a savings and loan association located in the commonwealth, in the name of the judge of probate, for the benefit of any person, he may apply to the probate court by which he was appointed for leave so to do, and the court may in its discretion, without notice, direct such money to be so deposited, or such purchase to be made. When the deposit is made the deposit book or certificates of the bank shall be filed in said court and when a purchase is made the account book of said federal savings and loan association shall be filed in said court. When the person entitled to such money satisfies the court of his right to receive it, the court shall by decree direct that it be transferred to him.