                                 CODE OF VIRGINIA

TERMINATION OF EXECUTORY CONTRACTS AND LEASES; LIABILITY; EXTENSION OF STATUTE
OF LIMITATIONS (§ 6.2-935)

Within 180 days of the date of the closing of the bank, the FDIC as receiver at
its election may reject (i) any executory contract to which the closed bank is
party without further liability to the closed bank or the receiver or (ii) any
obligation of the bank as a lessee of real or personal property. The
receiver&#8217;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 damages, if any,
for such termination, not to exceed the equivalent of six months&#8217; payment.
Notwithstanding any other law of the Commonwealth, the statute of limitations
shall be extended for a period of six months on all causes of action which may
accrue to the FDIC as receiver.

HISTORY: 1983, c. 507, § 6.1-110.11; 2010, c. 794.