Sec. 36a-295. (Formerly Sec. 36-76). Rendering of statement and delivery of passbook; accuracy and completeness presumed after seven years.
Sec. 36a-295. (Formerly Sec. 36-76). Rendering of statement and delivery of
passbook; accuracy and completeness presumed after seven years. Except as otherwise provided by applicable state or federal law, including title 42a, if a Connecticut
bank or Connecticut credit union has rendered a statement or delivered a passbook to
its depositor or share account holder reflecting transactions in or the balance of a deposit
account or share account, and unless a court of competent jurisdiction determines, in
an action filed by the depositor or share account holder against such bank or credit union
before the expiration of seven years from the date of the rendering of the statement or
the delivery of the passbook, that the statement or passbook was inaccurate or incomplete, then, upon the expiration of the seven-year period, at the option of such bank or
credit union, the statement or passbook is deemed accurate and complete as of the date
of the statement or the delivery and as to each transaction and any balance reflected in
the statement or passbook, and such depositor or share account holder is thereafter barred
from questioning the correctness of any transaction and any balance reflected therein
for any cause. Nothing in this section shall be construed to relieve the depositor or share
account holder from the duty imposed by law or contract of exercising due diligence in
the examination of any such statement or passbook when rendered by the bank or credit
union, and of immediate notification to the bank or credit union upon discovery of any
error therein, nor from the legal consequences of neglect of such duty.
(1949 Rev., S. 5798; P.A. 94-122, S. 136, 340; P.A. 02-73, S. 32.)
History: P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-76 transferred to Sec. 36a-295 in
1995; P.A. 02-73 added provisions making section applicable to Connecticut credit unions, share accounts and share
account holders.
See Sec. 42a-4-406 re customers' duty to discover and report unauthorized signature or alteration.