§ 11-105-106 — Final adjustment - statement of account

(1) When a statement
of account has been rendered by a bank to a depositor and accompanied by
vouchers, if any, that are the basis for debit entries in such account, or when the
depositor's passbook or savings account book has been written up by the bank,
showing the condition of the depositor's account, and delivered to such depositor
with like accompaniment of vouchers, if any, such account shall, after the period of
one year from the date of its rendition, in the event no objection thereto has been
theretofore made by the depositor, be deemed finally adjusted and settled and its
correctness conclusively presumed. Such depositor shall thereafter be barred from
questioning the correctness of such account for any cause.

(2) Nothing in this section shall be construed to relieve the depositor from
the duty of exercising due diligence in the examination of such account and
vouchers, if any, when rendered by the bank and of immediate notification to the
bank upon discovery of any error therein, nor from the legal consequences of
neglect of such duty.

(3) A statement of account may be rendered to a depositor by mailing such
statement, with supporting vouchers, if any, to such depositor's address as shown
on the books of the bank.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1115, � 3, effective July 1.