12-U.S.C.-5010
§5010 – Statute of Limitations and Notice of Claim
Pathway
Title 12 > Chapter 50 > Section 5010
Details
- Reference: Section 5010
- Legend: §5010 – Statute of Limitations and Notice of Claim
- USCode Year: 2013
Provision Content
(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).
(Pub. L. 108–100, §11, Oct. 28, 2003, 117 Stat. 1188.)
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.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-5008 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-5008, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
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