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Mass. Gen. Laws ch. 203D, § 15

Obligation to pay money

Known as the The Massachusetts Principal and Income Act

The act spans §§ 203–203 (30 sections).

(a) An amount received as interest, whether determined at a fixed, variable or floating rate on an obligation to pay money to the trustee, including an amount received as consideration for prepayment of principal, shall be allocated to income without any provision for amortization of premium.

(b) This section shall not apply to an obligation to which section 18, 19, 20, 21, 23 or 24 applies.

Official source: Massachusetts Legislature. Reproduced from public-domain Massachusetts statutes; confirm against the official source for the current text. Not legal advice.