|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROBERT L. EHRLICH, JR., Governor H.B. 959
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.
(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
|
|
|
|
|
|
|
|
|
|
- 3745 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
