Chap. 0261 An Act clarifying the limits on the total liabilities of any one borrower to a trust company in its commercial and savings departments.

Be it enacted, etc., as follows:

Chapter one hundred and seventy-two of the General Laws is hereby amended by inserting after section forty, as amended, the following section: - Section 40A. The total liabilities of a person, including in the liabilities of a firm the liabilities of its several members, to the commercial department of a trust company, and to the savings department thereof for loans upon personal security, shall not exceed, in the aggregate, the limit upon the liabilities of one borrower to a trust company provided by section forty, or the maximum limit upon the liabilities of one borrower to the savings department thereof provided by clause Ninth of section fifty-four of chapter one hundred and sixty-eight, whichever limit is the larger; provided, that neither of said limitations shall apply to so much of any such loan as is unconditionally guaranteed as to the payment of principal and interest by the United States.

Approved May 11, 1943.