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Ch. 535 2006 LAWS OF MARYLAND
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CHAPTER 535
(Senate Bill 747)
AN ACT concerning
Financial Institutions - Certificates of Deposit - Claims for Payment
FOR the purpose of establishing a certain limitations period on actions to enforce an
obligation of a depository institution to pay certain certificates of deposit;
altering the limitations period on actions to enforce an obligation of a depository
institution to pay negotiable certificates of deposit; defining certain terms;
providing for the application of this Act; and generally relating to periods of
limitations on actions to enforce an obligation to pay a certificate of deposit.
BY repealing and reenacting, with amendments,
Article - Commercial Law
Section 3-118(e)
Annotated Code of Maryland
(2002 Replacement Volume and 2005 Supplement)
BY adding to
Article - Financial Institutions
Section 1-210
Annotated Code of Maryland
(2003 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Commercial Law
3-118.
(e) [An] SUBJECT TO § 1-210 OF THE FINANCIAL INSTITUTIONS ARTICLE, AN
action to enforce the obligation of a party to a certificate of deposit to pay the
instrument must be commenced within 6 years after demand for payment is made to
the maker, but if the instrument states a due date and the maker is not required to
pay before that date, the 6-year period begins when a demand for payment is in effect
and the due date has passed.
Article - Financial Institutions
1-210.
(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(2) "ACCOUNT AGREEMENT" MEANS ONE OR MORE WRITTEN
INSTRUMENTS THAT ESTABLISH WHEN A CERTIFICATE OF DEPOSIT IS PAYABLE.
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