Bill Text: VA HB386 | 2010 | Regular Session | Chaptered

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Bill Title: Deposits; removes stated maturity date.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2010-04-13 - Governor: Acts of Assembly Chapter text (CHAP0747) [HB386 Detail]

Download: Virginia-2010-HB386-Chaptered.html

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CHAPTER 747 An Act to amend and reenact §8.3A-118.1 of the Code of Virginia, relating to negotiable instruments; statute of limitations on deposits. [H 386] Approved April 13, 2010

 

Be it enacted by the General Assembly of Virginia:

1. That §8.3A-118.1 of the Code of Virginia is amended and reenacted as follows:

§8.3A-118.1. Statute of limitations on deposit accounts and certificates of deposit.

An action to enforce the obligations of a bank to pay all or part of the balance of a deposit account or certificate of deposit (collectively, a deposit) must be commenced within six years after the earlier of the following:

(1) If the deposit is a certificate of deposit to which subsection (e) of §8.3A-118 applies, the date the six-year limitations period begins to run under subsection (e) of §8.3A-118; or

(2) The later of:

(A) The maturity date of the deposit, as set forth in the applicable deposit agreement;

(B) The due date of the deposit indicated in the bank's last written notice of renewal;

(C B) The date of the last written communication from the bank recognizing the bank's obligation with respect to the deposit; or

(D C) The last day of the taxable year for which the owner of the deposit or the bank last reported interest income earned on the deposit on a for federal or state income tax return purposes.