HARRY HUGHES, Governor

231

article, is substituted for the references to a
"bank or trust company".

Also throughout this section, the terms "check"
and "order" are deleted as unnecessary in light
of the term "draft".

In subsection (a) of this section, the more
general reference "employee" is substituted for
the term "clerk".

Also in subsection (a) of this section, the words
"at least" are added for clarity.

In subsection (b) of this section, the clause "a
person who is authorized to certify drafts" is
substituted for "duly authorized officer" for
clarity.

As to certification of a check in general, see CL
§ 3-411.

As to sanctions, including criminal penalties,
for violations of this section, see Title 5,
Subtitle 8 of this article.

The Commission to Revise the Annotated Code notes
that the restrictions on certification of drafts
apply only to commercial banks, although savings
banks issue and, on occasion, certify drafts.
The General Assembly may wish to extend the
provisions of this section to savings banks and,
if so, to transfer the provisions to Title 5,
Subtitle 5 of this article.

3-607. RESERVES.

(A)   DEFINITIONS.

(1)   IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2)   "DEMAND DEPOSIT" MEANS A DEPOSIT THAT IS
PAYABLE WITHIN 30 DAIS.

(3)   (I) "TIME DEPOSIT" MEANS A DEPOSIT THAT IS
PAYABLE AFTER 30 DAYS.

(II) "TIME DEPOSIT" INCLUDES A SAVINGS
ACCOUNT OR CERTIFICATE OF DEPOSIT THAT REQUIRES AT LEAST A
30-DAY NOTICE BEFORE PAYMENT.

(B)   SCOPE OF SECTION.

THIS SECTION DOES NOT APPLY TO ANY DEPOSIT OF PUBLIC
FUNDS FOR WHICH THE COMMERCIAL BANK PLEDGES COLLATERAL.