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



(b)  Any legal action to correct the account
not brought within one year shall be barred; provided, however, that the period
for commencement of any legal action shall be extended for any length of time
that the financial institution has been given notice by the account holder of
any alleged error within said one-year period and the financial institution has
not denied the account holder's objection to the correctness of the statement.



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



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



 



Cross References



 



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