{"data":{"id":"us-md/md.-code-financial-institutions-1-210","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 1–210","heading":"","body":"(a) (1) In this section the following words have the meanings indicated.\n(2) “Account agreement” means one or more written instruments that establish when a certificate of deposit is payable.\n(3) “Certificate of deposit” means a deposit or share account at a depository institution that:\n(i) Is payable by the depository institution at the expiration of a specified time; and\n(ii) May be transferable or nontransferable, negotiable or nonnegotiable, and renewable or nonrenewable.\n(4) “Depository institution” means a State-chartered or federally chartered financial institution located in the State that is authorized to maintain certificates of deposit.\n(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.\n(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:\n(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\n(2) 6 years after the later of:\n(i) The maturity date of the certificate of deposit;\n(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;\n(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\n(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.\n(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:\n(1) 6 years after the later of the events described in subsection (b)(2)(i) through (iv) of this section; or\n(2) 1 year after June 1, 2006.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=1-210","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"98e8c6ada04ef97674796eaf00af39f4f7fc8217cc0339c52a52672cf9f84237","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-1-209","next":"us-md/md.-code-financial-institutions-1-211"},"notice":"GroundRules: Original legal text. Not legal advice."}