(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.

Terms Used In Tennessee Code 45-3-521

  • Association: means a capital stock or mutual savings and loan association. See Tennessee Code 45-3-104
  • Depositor: means the holder of a deposit account in an association. See Tennessee Code 45-3-104
  • Interest: means that part of the net income, retained earnings, or surplus of an association that is payable to or credited to holders of deposit accounts. See Tennessee Code 45-3-104
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(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.
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