MONEY AND REGISTRATION, ISSUANCE AND REDEMPTION OF BONDS AND OTHER SECURITIES, FACSIMILE SIGNATURES

M.G.L. pt. Part I, tit. Title XV, ch. c. 107

in effect

M.G.L. c. 107, § 1 Money of account

c. 107, § 1. Money of account Section 1. The money of account of the commonwealth shall be the dollar, cent and mill. Proceedings in court, accounts in the public offices and other public accounts shall be had and kept in accordance herewith.

M.G.L. c. 107, § 2 Accounts, notes, bonds or other instruments expressed in other moneys

c. 107, § 2. Accounts, notes, bonds or other instruments expressed in other moneys Section 2. The preceding section shall not vitiate or affect an account, charge or entry made, or a note, bond or other instrument expressed in any other money of account; but in a suit thereon such other money shall be reduced to dollars and fractions thereof.

M.G.L. c. 107, § 3 Rate of interest

c. 107, § 3. Rate of interest Section 3. If there is no agreement or provision of law for a different rate, the interest of money shall be at the rate of six dollars on each hundred for a year, but, except as provided in sections seventy-eight, ninety, ninety-two, ninety-six and one hundred of chapter one hundred and forty, it shall be lawful to pay, reserve or contract for any rate of interest or discount. No greater rate than that before mentioned shall be recovered in a suit unless the agreement to pay it is in writing.

M.G.L. c. 107, § 4 Issuance of registered bonds

c. 107, § 4. Issuance of registered bonds Section 4. A county, city, town or district or any corporation organized under the laws of the commonwealth may, at the request of the owner or holder of a bond, promissory note or certificate of indebtedness issued by it payable to bearer, at any time more than one year before maturity thereof, issue in exchange therefor a bond, note or certificate of the same effect, payable to the owner or holder by name. Coupon or registered bonds, notes or certificates of a city, town or district may be surrendered to the city, town or district treasurer for cancellation and in exchange therefor one or more registered bonds, notes or certificates having the same maturity and rate of interest, may be issued to the same or to a new owner or owners. In cities, such new bonds, notes or certificates shall be signed by the treasurer and countersigned by the city auditor or comptroller and the mayor, or their successors in office. In towns, such new bonds, notes or certificates shall be signed by the treasurer and countersigned by a majority of the selectmen. In districts, such new bonds, notes or certificates shall be signed by the treasurer and countersigned by the prudential committee or other body exercising similar powers. The expense involved in surrendering and in making the cancellation and reissue of any bond, promissory note or certificate of indebtedness under this section or under any other law applicable thereto shall be borne by the party requesting such cancellation and reissue.

M.G.L. c. 107, § 7 Issuance, negotiation or sale of bonds, certificates or obligations redeemable in numerical order

c. 107, § 7. Issuance, negotiation or sale of bonds, certificates or obligations redeemable in numerical order Section 7. No person shall issue, negotiate or sell any bonds, certificates or obligations of any kind, which are by the terms thereof to be redeemed in numerical order or in any arbitrary order of precedence without reference to the amount previously paid thereon by the holder thereof, whether they are sold on the instalment plan or otherwise, nor shall any person redeem any bonds, certificates or obligations in such order, whether they are sold on the instalment plan or otherwise.

M.G.L. c. 107, § 8 Penalties

c. 107, § 8. Penalties Section 8. Violations of the preceding section shall be punished by a fine of not more than two thousand dollars or by imprisonment for not more than one year. Any such violation, if by a domestic corporation, shall operate as a forfeiture of its franchise and, if by a foreign corporation, association or organization, as a discontinuance of its right to do business in the commonwealth; and the supreme judicial or superior court, upon the application of the state secretary, may enjoin such foreign corporation, association or organization from further continuing its business in the commonwealth. The court may appoint a receiver to take possession of the property of such corporation, association or organization, and to close up the business, subject to the order of the court.

M.G.L. c. 107, § 10 Determination of damages in contract action

c. 107, § 10. Determination of damages in contract action Section 10. In an action on a contract, other than a bill of exchange, for the payment of money beyond the limits of the United States, the amount to be recovered by the creditor shall be determined by the current rate of exchange on the date when such contract becomes due, with interest from such date.

M.G.L. c. 107, § 13 Certification of protest by notary; prima facie evidence

c. 107, § 13. Certification of protest by notary; prima facie evidence Section 13. The protest of a bill of exchange, promissory note or order for the payment of money certified by a notary public under his hand and official seal shall be prima facie evidence of the facts stated in such protest, and of the giving of notice to the drawer or endorser.

M.G.L. c. 107, § 45A Use of facsimile signatures on checks drawn by treasurers of public bodies

c. 107, § 45A. Use of facsimile signatures on checks drawn by treasurers of public bodies Section 45A. The treasurer of a public body shall, without further authority than that contained in this section, have power to use a facsimile machine for the purpose of affixing his signature to any check drawn by him in the name and behalf of the public body on any bank or trust company having funds of the public body on deposit. Any such bank or trust company, in addition to any other rights which it may have as drawee, may, in the absence of connivance or neglect on its part, pay and charge to the account upon which it is drawn every check drawn on such bank or trust company which check (1) bears on the part of the public body as drawer, regardless of by whom affixed, a facsimile signature of its treasurer made from the same plate as a specimen facsimile furnished by such treasurer to such bank or trust company, and (2) is inoperative solely because such facsimile signature was affixed without the authority of such treasurer. The treasurer of the public body shall be accountable on his official bond to the public body for the amount of every such check so paid and charged which bears a date within the period he is in office, whether or not such check is so paid and charged within such period. As used in this section, the term ''public body'' shall be deemed to include the commonwealth, and every county, city, town, district, authority or other political subdivision or governmental unit; and the term ''treasurer'' shall be deemed to include any person authorized by statute, ordinance or by-law, or in other lawful manner, to sign or countersign checks for the purpose of disbursing funds of the public body.

Source: Massachusetts General Court (malegislature.gov)URL: https://malegislature.gov/Laws/GeneralLaws/PartI/TitleXV/Chapter107Fetched: 10/20/2026