(a)

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Terms Used In Tennessee Code 45-3-522

  • 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
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
(1) When a statement of account has been rendered by an association to a depositor or has been mailed to the depositor’s last known address, showing the condition of the depositor’s account, the account shall, after the period of six (6) years from the date of the rendition of the statement, in the event no objection to the statement in writing has been theretofore made by the depositor or suit brought to correct same, be deemed finally adjusted and settled and its correctness conclusively presumed, and the depositor shall thereafter be barred from questioning the account for any cause.
(2) Associations shall accordingly not be required to preserve or keep their records or files relating thereto for a longer period than six (6) years.
(b) Nothing in this section shall be construed to relieve the depositor from the duty imposed by law of exercising due diligence in the examination of the account and vouchers, if any, accompanying the statement, when rendered by the association and of immediate notification to the association upon discovery of any error in the statement, nor from the legal consequences of neglect of that duty.
(c) Nothing herein shall be construed as exempting associations from compliance with title 66, chapter 29 to the extent applicable.
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