In the event that any shares or accounts which are pledged as security for any loan are sold, forfeited, transferred, assigned or credited for the non-performance of the conditions of such loan or on the foreclosure thereof or for any other lawful purpose, a duly authorized officer of the corporation shall have full authority to transfer, assign or credit such shares or accounts to the bank or purchaser at any foreclosure or other sale to any assignee.
Mass. Gen. Laws ch. 171, § 50
Shares or accounts pledged as security; transfer, assignment or credit at foreclosure
Official source: Massachusetts Legislature. Reproduced from public-domain Massachusetts statutes; confirm against the official source for the current text. Not legal advice.