§412:4-103  Statements presumedcorrect after one year; statute of limitations.  (a)  Any statement ofaccount rendered by a financial institution to the account holder, and in thecase of a multi-party account to any one holder, shall be conclusively presumedto be correct after one year from the date of its first rendition, and unlessthe holder has objected to such statement within such period, the account shallbe deemed finally adjusted and settled.

(b)  Any legal action to correct the accountnot brought within one year shall be barred; provided, however, that the periodfor commencement of any legal action shall be extended for any length of timethat the financial institution has been given notice by the account holder ofany alleged error within said one-year period and the financial institution hasnot denied the account holder's objection to the correctness of the statement.

(c)  A statement of account shall be deemed tohave been rendered when the financial institution has made a notation in theaccount holder's passbook, or has provided either a deposit account statementshowing the balance of the account and the transactions since the laststatement, or a written notice reasonably calculated to apprise the holder ofsuch transactions and balance.

(d)  The account holder of an account has aduty to exercise reasonable care and diligence in examining any statementrendered by the financial institution, if any, and nothing in this sectionrelieves the holder of such duty or from the consequences of neglecting suchduty. [L 1993, c 350, pt of §1]

 

Cross References

 

  Multiple-party accounts, see chapter 560, article VI.