Section 25-227 - Action to enforce obligation to pay certificate of deposit; when(1) For purposes of this section:(a) Account agreement means one or more written instruments that establish when a certificate of deposit is payable;(b) Certificate of deposit means a deposit or share account at a depository institution that: (i) Is payable by the depository institution at the expiration of a specified time; and(ii) May be transferable or nontransferable, negotiable or nonnegotiable, and renewable or nonrenewable;(c) Depository institution means a state-chartered or federally chartered financial institution located in this state that is authorized to maintain certificates of deposit; and(d) Maturity date means the time specified in an account agreement when a certificate of deposit is first payable, without taking into account any agreement regarding renewals.(2) Subject to subsection (3) of this section, an action to enforce the obligation of a depository institution to pay all or part of the balance of a certificate of deposit shall be commenced by the earlier of:(a) The time that an action to enforce an obligation under subsection (e) of section 3-118, Uniform Commercial Code, must be commenced if the certificate of deposit is subject to such section; or(b) Seven years after the later of:(i) The maturity date of the certificate of deposit;(ii) The due date of the certificate of deposit indicated in the depository institution's last written notice of renewal of the certificate of deposit, if any;(iii) The date of the last written communication from the depository institution recognizing the depository institution's obligation with respect to the certificate of deposit; or(iv) The last day of the taxable year for which a person identified in the certificate of deposit last reported interest income earned on the certificate of deposit on a federal or state income tax return.(3) Notwithstanding subsection (2) of this section, an action to enforce the obligation of a depository institution to pay all or part of the balance of an automatically renewing certificate of deposit in existence on July 1, 2008, shall be commenced by the later of: (a) Seven years after the later of: (i) The maturity date of the certificate of deposit;(ii) The due date of the certificate of deposit indicated in the depository institution's last written notice of renewal of the certificate of deposit, if any;(iii) The date of the last written communication from the depository institution recognizing the depository institution's obligation to pay the certificate of deposit; or(iv) The last day of the taxable year for which a person identified in the certificate of deposit last reported interest income earned on the certificate of deposit on a federal or state income tax return; or(b) One year after July 1, 2008.(4) This section applies to all certificates of deposit that are in existence on or after July 1, 2008.