Maryland Statutes
Subtitle 2 - General Provisions
Section 1-210 - Certificates of Deposit; Claims for Payment

(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.