General Laws of Massachusetts - Chapter 167D Deposits and Accounts - Section 8 Time deposits

Section 8. For any time deposits with a maturity in excess of thirty days, any such bank shall be required to mail to the depositor a written notification of maturity at least thirty days prior to the date of maturity of said plan or deposit but in no event more than forty-five days prior to said date of maturity of said deposit.

No general requirement of notice of withdrawal or loan under section seventeen shall apply to the withdrawal of such deposits pursuant to a withdrawal notice, if so required, received by a bank before such general requirement was imposed.

Notwithstanding the provisions of any time deposit or of any agreement made pursuant to the authority thereof relative to notice of intent to withdraw funds from such an account, no such requirement of notice shall be applicable after the death of the depositor in such an account to a duly appointed and qualified executor or administrator of the estate of such depositor.

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Last modified: September 11, 2015