Penagos v. Capital Bank

The main question before us is when the statute of limitations begins to run where there has been nonpayment of a certificate of deposit. We conclude that it begins to run upon the date of written demand by the depositor, after the certificate has matured. We therefore reverse the summary judgment which held the suit to be time-barred.

I

In September 1988, plaintiff-appellant Rogelio Penagos opened a certificate of deposit at defendant-appellee Capital Bank. The maturity date was December 27, 1988. After maturity plaintiff inquired periodically about the funds, and was assured that they would…