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ROBERT L. EHRLICH, JR., Governor
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Ch. 535
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(3) "CERTIFICATE OF DEPOSIT" MEANS A DEPOSIT OR SHARE ACCOUNT
AT A DEPOSITORY INSTITUTION THAT:
(I) IS PAYABLE BY THE DEPOSITORY INSTITUTION AT THE
EXPIRATION OF A SPECIFIED TIME; AND
(II) MAY BE TRANSFERABLE OR NONTRANSFERABLE, NEGOTIABLE
OR NONNEGOTIABLE, AND RENEWABLE OR NONRENEWABLE.
(4) "DEPOSITORY INSTITUTION" MEANS A STATE-CHARTERED OR
FEDERALLY CHARTERED FINANCIAL INSTITUTION LOCATED IN THE STATE THAT IS
AUTHORIZED TO MAINTAIN CERTIFICATES OF DEPOSIT.
(5) "MATURITY DATE" MEANS THE TIME SPECIFIED IN AN ACCOUNT
AGREEMENT WHEN A CERTIFICATE OF DEPOSIT IS FIRST PAYABLE, WITHOUT
TAKING INTO ACCOUNT ANY AGREEMENT REGARDING RENEWALS.
(B) SUBJECT TO SUBSECTION (C) OF THIS SECTION, AN ACTION TO ENFORCE
THE OBLIGATION OF A DEPOSITORY INSTITUTION TO PAY ALL OR PART OF THE
BALANCE OF A CERTIFICATE OF DEPOSIT MUST BE COMMENCED BY THE EARLIER
OF:
(1) THE TIME THAT AN ACTION TO ENFORCE AN OBLIGATION UNDER §
3-118(E) OF THE COMMERCIAL LAW ARTICLE MUST BE COMMENCED, IF THE
CERTIFICATE OF DEPOSIT IS SUBJECT TO THAT SECTION; OR
(2) 6 YEARS AFTER THE LATER OF:
(I) THE MATURITY DATE OF THE CERTIFICATE OF DEPOSIT;
(II) THE DUE DATE OF THE CERTIFICATE OF DEPOSIT INDICATED
IN THE DEPOSITORY INSTITUTION'S LAST WRITTEN NOTICE OF RENEWAL OF THE
CERTIFICATE OF DEPOSIT, IF ANY;
(III) THE DATE OF THE LAST WRITTEN COMMUNICATION FROM THE
DEPOSITORY INSTITUTION RECOGNIZING THE DEPOSITORY INSTITUTION'S
OBLIGATION TO PAY THE CERTIFICATE OF DEPOSIT; OR
(IV) THE LAST DAY OF THE TAXABLE YEAR FOR WHICH A PERSON
IDENTIFIED IN THE CERTIFICATE OF DEPOSIT LAST REPORTED INTEREST INCOME
EARNED ON THE CERTIFICATE OF DEPOSIT ON A FEDERAL OR STATE INCOME TAX
RETURN.
(C) NOTWITHSTANDING SUBSECTION (B) OF THIS SECTION, AN ACTION TO
ENFORCE THE OBLIGATION OF A DEPOSITORY INSTITUTION TO PAY ALL OR PART OF
THE BALANCE OF AN AUTOMATICALLY RENEWING CERTIFICATE OF DEPOSIT IN
EXISTENCE ON JUNE 1, 2006, MUST BE COMMENCED BY THE LATER OF:
(1) 6 YEARS AFTER THE LATER OF THE EVENTS DESCRIBED IN
SUBSECTION (B)(2)(I) THROUGH (IV) OF THIS SECTION; OR
(2) 1 YEAR AFTER JUNE 1, 2006.
- 2647 -
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