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H.B. 959
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VETOES
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In accordance with Article II, Section 17 of the Maryland Constitution, today I have
vetoed House Bill 959 - Financial Institutions - Certificates of Deposit - Claims for
Payment.
This bill establishes a specified limitations period on actions to enforce an obligation
of a depository institution to pay specified certificates of deposit; alters the
limitations period on actions to enforce an obligation of a depository institution to pay
negotiable certificates of deposit; and provides for the application of the Act.
Senate Bill 747, which was passed by the General Assembly and allowed to go into
effect without my signature, accomplishes the same purpose. Therefore, it is not
necessary for me to sign House Bill 959.
Very truly yours,
Robert L. Ehrlich, Jr.
Governor
House Bill No. 959
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
- 3744 -
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