Massachusetts General Laws

Mass. Gen. Laws ch. 167, § 22 (2026)

Taking possession of property and business of bank by commissioner

✓ current as of July 2026

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Section 22. Whenever it shall appear to the commissioner that any bank has violated its charter or any law of the commonwealth, or is conducting its business in an unsafe or unauthorized manner, or that its capital is impaired, or if it shall refuse to submit its books, papers and concerns to the inspection of the commissioner or his duly authorized agents, or if any officer of such bank shall refuse to be examined on oath by the commissioner or his duly authorized assistants touching its concerns, or if it shall suspend payment of its obligations, or if from an examination or from a report provided for by law the commissioner shall have reason to conclude that such bank is in an unsound or unsafe condition to transact the business for which it is organized, or that it is unsafe and inexpedient for it to continue business, the commissioner may take possession forthwith of the property and business of such bank and may retain possession thereof until the bank shall resume business or until its affairs shall finally be liquidated as herein provided.

Notes of Decisions

Cited in 24 cases, 1921–1979 · leading case: Cosmopolitan Trust Co. v. Mitchell, 242 Mass. 95 (Mass. 1922).

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Cosmopolitan Trust Co. v. Mitchell, 242 Mass. 95 (Mass. 1922). · cites it 3× “This is a suit in equity brought in the name of the Cosmopolitan Trust Company by the commissioner of banks in possession of its property and business under G. L. c. 167, § 22, against thirteen persons as its directors for the purpose of holding them responsible for losses of…”

Cunningham v. Comm'r of Banks, 249 Mass. 401 (Mass. 1924). · cites it 2× “The Hanover Trust Company is being liquidated by the commissioner of banks under G. L. c. 167, § 22, and is the defendant in all the suits.”

Commonwealth v. Comm'r of Banks, 133 N.E. 625 (Mass. 1922). · cites it 2× “399, § 2, G. L. c. 167, § 22. The Commonwealth, through the action of the Treasurer and Receiver General, was, at the time such possession was taken, a general depositor to large amounts in each of the trust companies.”

Tobin v. Comm'r of Banks, 386 N.E.2d 1246 (Mass. 1979). “…in court. See G. L. c. 231 A, §§ 1,2. See also Samuel v. Pittsfield Licensing Bd., ante 908 (1979). Cf. G. L. c. 167, §§ 22, 33.”

Comm'r of Banks v. Cosmopolitan Trust Co., 41 A.L.R. 658 (Mass. 1925). “G. L. c. 167, § 22. It is hopelessly insolvent.”

Hecker-Jones-Jewell Milling Co. v. Cosmopolitan Trust Co., 242 Mass. 181 (Mass. 1922). “399 (now G. L. c. 167, §§ 22 to 36). The material facts agreed on are as follows: The plaintiff drew its sight draft, dated September 10, 1920, on B.”

Steele v. Comm'r of Banks, 134 N.E. 401 (Mass. 1922). “The commissioner took possession of its assets and property under G. L. c. 167, § 22. There is nothing to indicate that such action was anticipated by the officers or that they had any reason to expect that the institution might not continue for the next three or four years as…”

Cosmopolitan Trust Co. v. Leonard Watch Co., 143 N.E. 827 (Mass. 1924). “399, as amended, now G. L. c. 167, §§ 22, 36, and is prosecuting this action in the name of the plaintiff.”

Bachrach v. Comm'r of Banks, 239 Mass. 272 (Mass. 1921). “399, as amended (now G. L. c. 167, §§ 22, 36), and has since retained such possession.”

Comm'r of Banks v. Tremont Trust Co., 156 N.E. 7 (Mass. 1927). “It continued active operation until February 17, 1921, when the bank commissioner, acting under G. L. c. 167, § 22, took possession of its property and business and has since retained such possession and is liquidating its affairs.”

Lowell Co-operative Bank v. Co-operative Cent. Bank, 191 N.E. 921 (Mass. 1934). “The statute there considered was G. L. c. 167, § 22, authorizing the commissioner of banks to close a bank and take possession of all its assets and business whenever it appeared to him to be necessary for any one of several enumerated reasons.”

Commonwealth-Atl. Nat'l Bank, 249 Mass. 440 (Mass. 1924). “…the statutes of this Commonwealth. Compare U. S. Rev. Sts. §§ 5234-5242, and acts in amendment and in addition, with G. L. c. 167, §§ 22 to 36. By G. L. c. 192, § 4, when a will has been proved and allowed, “ the Probate Court shall issue letters testamentary thereon to the…”

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