HARRY HUGHES, Governor

3639

WITHIN A 6-MONTH PERIOD. ALL ACCOUNTS OF THE CUSTOMER ARE

SUBJECT TO THE DEPOSITARY INSTITUTION'S POLICY FOR 6 MONTHS AFTER
THE LAST ITEM WAS RETURNED FOR INSUFFICIENT FUNDS.

(D) ANY ITEMS DRAWN ON AN OFFICE, INCLUDING AN OFFICE
OF A DEPOSITARY INSTITUTION, LOCATED OUTSIDE ANY OF THE UNITED
STATES AND THE DISTRICT OF COLUMBIA.

(4) IF THE DEPOSITARY INSTITUTION IN GOOD FAITH DOUBTS THE
COLLECTIBILITY OF FUNDS FOR AN ITEM BECAUSE OF SUSPICION OF
BANKRUPTCY OF THE DRAWER OF A CHECK OR SUSPICION OF FRAUD, THE
DEPOSITARY INSTITUTION MAY MAKE FUNDS AVAILABLE FOR THE ITEM ON A
COLLECTION BASIS OR ACCORDING TO THE DEPOSITARY INSTITUTION'S
POLICY. THE CUSTOMER OF THE ACCOUNT SHALL BE NOTIFIED BY THE
DEPOSITARY INSTITUTION OF THIS ACTION AS SOON AS POSSIBLE.

(5) A DEPOSITARY INSTITUTION AND A CUSTOMER MAY AGREE IN
WRITING TO A GREATER PERIOD OF TIME THAN THAT PRESCRIBED BY THIS
SECTION FOR MAKING FUNDS AVAILABLE FOR WITHDRAWAL BECAUSE OF
SPECIAL CIRCUMSTANCES, BUT ONLY IF THE AGREEMENT IS NOT CONTAINED
IN A PREPRINTED FORM AND IS NOT A USUAL, REGULAR BUSINESS
PRACTICE OF THE DEPOSITARY INSTITUTION.

(6) DELAY BY A DEPOSITARY INSTITUTION BEYOND TIME LIMITS
PRESCRIBED OR PERMITTED BY THIS SECTION IS EXCUSED IF CAUSED BY
INTERRUPTION OF COMMUNICATION FACILITIES, SUSPENSION OF PAYMENTS
BY ANOTHER BANK, CREDIT UNION, OR SAVINGS AND LOAN ASSOCIATION,
WAR, EMERGENCY CONDITIONS, OR OTHER CIRCUMSTANCES BEYOND THE

CONTROL OF THE DEPOSITARY INSTITUTION, IF THE DEPOSITARY

INSTITUTION EXERCISES THE DILIGENCE CIRCUMSTANCES REQUIRE.

Article - Financial Institutions

5-309.

(A) AS TO EACH ACCOUNT OF EACH DEPOSITOR IN A BANKING
INSTITUTION, THE BANKING INSTITUTION SHALL GIVE TO THE CUSTOMER,
ON OPENING OF THE ACCOUNT AND ON ANY LATER DEMAND OF THE
CUSTOMER, WRITTEN NOTICE OF ITS POLICY CONCERNING:

(1) WHEN THE CUSTOMER MAY WITHDRAW FUNDS DEPOSITED BY
CHECK OR SIMILAR INSTRUMENT INTO THE ACCOUNT; AND

(2) WHEN THE FUNDS DEPOSITED BY CHECK OR SIMILAR
INSTRUMENT INTO AN INTEREST BEARING ACCOUNT WILL BEGIN TO EARN
INTEREST AND WHEN THAT INTEREST WILL BE CREDITED TO THE ACCOUNT.

(B) BEFORE THE OPENING OF AN ACCOUNT IN A BANKING

INSTITUTION, THE BANKING INSTITUTION SHALL PROVIDE A WRITTEN
DISCLOSURE TO ANY POTENTIAL CUSTOMER OF ITS POLICY CONCERNING:

(1) WHEN THE CUSTOMER MAY WITHDRAW FUNDS DEPOSITED BY
CHECK OR SIMILAR INSTRUMENT INTO THE ACCOUNT; AND