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Massachusetts Agencies

Trustees: Application of Purchase Money

Trusts and Trustees

G.L.c. 203, §20 provides as follows:

The receipt of a trustee, or of any one or more of several trustees, for any money, securities or other personal property or effects payable, transferable or deliverable to him or them under any trust or power shall be sufficient discharge therefor to the person paying, transferring or delivering it, and no such person shall be bound to see to the application thereof.