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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>65564</law_id><section_number>6.2-935</section_number><catch_line>Termination of executory contracts and leases; liability; extension of statute of limitations</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="6.2">Financial Institutions and Services</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Depository Institutions and Trust Organizations</unit><unit label="chapter" level="3" order_by="1" identifier="8">Banks</unit><unit label="article" level="4" order_by="1" identifier="14">Appointment of Fdic as Receiver</unit></structure><text>
						<section><p>Within 180 days of the date of the closing of the <span class="dictionary">bank</span>, the <span class="dictionary">FDIC</span> as receiver at its election may reject (i) any executory <span class="dictionary">contract</span> to which the closed <span class="dictionary">bank</span> is <span class="dictionary">party</span> without further liability to the closed <span class="dictionary">bank</span> or the receiver or (ii) any obligation of the <span class="dictionary">bank</span> as a lessee of real or personal property. The receiver&#x2019;s election to reject a lease creates no claim (a) for rent other than rent accrued to the date of termination or (b) for actual <span class="dictionary">damages</span>, if any, for such termination, not to exceed the equivalent of six months&#x2019; payment. Notwithstanding any other <span class="dictionary">law</span> of the Commonwealth, the <span class="dictionary">statute of limitations</span> shall be extended for a period of six months on all causes of action which may accrue to the <span class="dictionary">FDIC</span> as receiver.</p></section></text><history>1983, c. 507, &#xA7; 6.1-110.11; 2010, c. 794.</history><metadata></metadata></law>
