12 U.S.C. § 5010: Statute of limitations and…

Summary

You may bring a case in a U.S. district court or any other proper court. You must file it within 1 year from the date you first learn, or reasonably should have learned, the facts that give rise to the claim. If you learn of a claim and which bank is responsible, you must notify that bank within 30 days. If you do not, the bank is released from responsibility for any part of the loss caused by the delay. A consumer’s timely request for expedited recredit under section 5006 counts as timely notice to the bank.

Title 12, §5010

Banks and Banking, Source: USLM XML via OLRC

(a)Actions under this chapter

(1)In general

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)Accrual

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)Discharge of claims

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)Notice of claim by consumer

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