§5010 — Title 12 Banks and Banking | U.S. Code

Summary

Bring a claim under this chapter in a U.S. district court or another court with authority within 1 year. The 1-year period starts when you first learn, or reasonably should have learned, the facts and circumstances that created the claim. You must notify the indemnifying or warranting bank within 30 days after you have reason to know of the claim and which bank it is. If notice is late, the bank is released from liability for losses caused by the delay. A timely consumer claim under section 5006 for expedited recredit counts as timely notice.

Title 12, §5010

Banks and Banking — Source: USLM XML via OLRC

(a)(1)An action to enforce a claim under this chapter may be brought in any United States district court, or in any other court of competent jurisdiction, before the end of the 1-year period beginning on the date the cause of action accrues.

(2)A cause of action accrues as of the date the injured party first learns, or by which such person reasonably should have learned, of the facts and circumstances giving rise to the cause of action.

(b)Except as provided in subsection (c), unless a person gives notice of a claim to the indemnifying or warranting bank within 30 days after the person has reason to know of the claim and the identity of the indemnifying or warranting bank, the indemnifying or warranting bank is discharged from liability in an action to enforce a claim under this chapter to the extent of any loss caused by the delay in giving notice of the claim.

(c)A timely claim by a consumer under section 5006 of this title for expedited recredit constitutes timely notice of a claim by the consumer for purposes of subsection (b).

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsecs. (a)(1), (b), was in the original “this Act”, meaning Pub. L. 108–100, Oct. 28, 2003, 117 Stat. 1177, which is classified generally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 5001 of this title and Tables.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective at the end of the 12-month period beginning on Oct. 28, 2003, see section 20 of Pub. L. 108–100, set out as a note under section 5001 of this title.

§5010 Statute of limitations and notice of claim