The law in Massachusetts was changed some time ago to eliminate any perceived limit. Chapter 167D section 3(b) starts as follows: "Any bank or federally-chartered bank may receive deposits made by 1 or 2 persons in trust for other natural persons, trusts or a charity or nonprofit organization recognized by the Internal Revenue Service." Note the use of "persons" and "trusts."
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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