45-3-521 - Statute of limitations on accounts. - Tennessee Statutes

45-3-521. Statute of limitations on accounts.

(a)  All claims shall be barred in this state on any inactive account; provided, that at least sixty (60) days before the claim becomes barred, the association shall mail by registered or certified mail a notice of the imminent barring of all claims to the depositor at the depositor's last known address.

(b)  (1)  For the purposes of this section, “inactive account” means an account with respect to which there has been an absence for at least seven (7) years of:

          (A)  Additions to the account other than creditings of interest;

          (B)  Withdrawals from the account; and

          (C)  Written communication from the depositor.

     (2)  In the case of an account that provides for a specified contractual time, the seven (7) years shall commence on the maturity date of the account.

[Acts 1978, ch. 708, § 2.21; T.C.A., § 45-1421.]