§ 1–210
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 1-210 (2026)
Title 1. Definitions; General Provisions
Subtitle 2. General Provisions
§ 1–210LinkCopy Citation
(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
(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.