# Mass. Gen. Laws ch. 167D, sec. 9: Deposits from residential dwelling unit lessor acting as trustee for security deposits

> Massachusetts · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S9

## Section

- **Citation:** Mass. Gen. Laws ch. 167D, sec. 9
- **Heading:** Deposits from residential dwelling unit lessor acting as trustee for security deposits
- **Jurisdiction:** Massachusetts
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** MA Code / Part I / Title XXII / Chapter 167D / Section 9

## Text

Section 9. Any bank or federally-chartered bank may establish an account to receive deposits from a lessor acting as a trustee for funds received and held by such trustee pursuant to paragraph (a) of subsection (3) of section 15B of chapter 186. Such account may be established as required by said section 15B for the purpose of holding security deposits taken by a lessor of residential dwelling units owned or managed by said lessor; provided, that the terms of said account shall place said deposit beyond the claim of a creditor of the lessor, including a foreclosing mortgagee or trustee in bankruptcy, and shall provide for the transfer of said deposit to a subsequent owner of any property for which such security deposit was taken. Interest accruing on said deposit shall be paid to the lessor pursuant to the terms of the deposit. Withdrawals and payments made by the corporation from said account shall discharge the liability of said corporation to all persons.

Section 9. Any bank or federally-chartered bank may establish an account to receive deposits from a lessor acting as a trustee for funds received and held by such trustee pursuant to paragraph (a) of subsection (3) of section 15B of chapter 186. Such account may be established as required by said section 15B for the purpose of holding security deposits taken by a lessor of residential dwelling units owned or managed by said lessor; provided, that the terms of said account shall place said deposit beyond the claim of a creditor of the lessor, including a foreclosing mortgagee or trustee in bankruptcy, and shall provide for the transfer of said deposit to a subsequent owner of any property for which such security deposit was taken. Interest accruing on said deposit shall be paid to the lessor pursuant to the terms of the deposit. Withdrawals and payments made by the corporation from said account shall discharge the liability of said corporation to all persons.

## Nearby sections

- [Mass. Gen. Laws ch. 167D, sec. 1 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S1.md)
- [Mass. Gen. Laws ch. 167D, sec. 2 Powers](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S2.md)
- [Mass. Gen. Laws ch. 167D, sec. 3 Types of deposits which may be received by bank](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S3.md)
- [Mass. Gen. Laws ch. 167D, sec. 3A Savings promotion raffles](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S3A.md)
- [Mass. Gen. Laws ch. 167D, sec. 4 Limited access deposit accounts](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S4.md)
- [Mass. Gen. Laws ch. 167D, sec. 5 Demand deposit account and savings account for persons 18 years of age or under or 65 years of age or older](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S5.md)
- [Mass. Gen. Laws ch. 167D, sec. 6 Fee, charges or assessments; refusal of payment of deposited instruments; costs for processing deposited instrument](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S6.md)
- [Mass. Gen. Laws ch. 167D, sec. 7 Provision of cancelled instruments or copies thereof](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S7.md)
- [Mass. Gen. Laws ch. 167D, sec. 8 Collateral or security for deposit of money received](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S8.md)
- [Mass. Gen. Laws ch. 167D, sec. 9 Deposits from residential dwelling unit lessor acting as trustee for security deposits](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S9.md)
- [Mass. Gen. Laws ch. 167D, sec. 10 Deposits from condominium manager or managing agent acting as trustee for condominium funds](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S10.md)
- [Mass. Gen. Laws ch. 167D, sec. 11 Lost, stolen or destroyed passbooks](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S11.md)
- [Mass. Gen. Laws ch. 167D, sec. 12 Deposits of decedents; payment](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S12.md)
- [Mass. Gen. Laws ch. 167D, sec. 13 Unusual demand by depositors for withdrawals; notice of intention to withdraw deposit or to apply for loan secured by deposit](https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S13.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MA_PI_TXXII_C167D_S9. Check the current official text before relying on it. Not legal advice.