§ 8.3A-118.1 Statute of limitations on deposit accounts and certificates of deposit
A. 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
A. The due date of the deposit indicated in the bank’s last written notice of renewal;
B. The date of the last written communication from the bank recognizing the bank’s obligation with respect to the deposit; or
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 for federal or state income tax purposes.
B. This section shall apply to negotiable and non-negotiable certificates of deposit.
History
This law was first created in 2006. The record of its establishment is cataloged in chapter 624 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2010, chapter 747; in 2017, chapters 83 and 640.
2006, c. 624; 2010, c. 747; 2017, cc. 83, 640.