(1) When a statement of account has been rendered by a bank to a depositor and accompanied by vouchers, if any, that are the basis for debit entries in such account, or when the depositor's passbook or savings account book has been written up by the bank, showing the condition of the depositor's account, and delivered to such depositor with like accompaniment of vouchers, if any, such account shall, after the period of one year from the date of its rendition, in the event no objection thereto has been theretofore made by the depositor, be deemed finally adjusted and settled and its correctness conclusively presumed. Such depositor shall thereafter be barred from questioning the correctness of such account for any cause.
Nothing in this section shall be construed to relieve the depositor from the duty ofexercising due diligence in the examination of such account and vouchers, if any, when rendered by the bank and of immediate notification to the bank upon discovery of any error therein, nor from the legal consequences of neglect of such duty.
A statement of account may be rendered to a depositor by mailing such statement,with supporting vouchers, if any, to such depositor's address as shown on the books of the bank.
Source: L. 2003: Entire article added with relocations, p. 1115, § 3, effective July 1.
Editor's note: This section is similar to former § 11-6-106 as it existed prior to 2003.