6.2-935 - (Effective October 1, 2010) Termination of executory contracts and leases; liability; extension of statute of limitations. - Virginia Statutes

§ 6.2-935. (Effective October 1, 2010) Termination of executory contracts andleases; liability; extension of statute of limitations.

Within 180 days of the date of the closing of the bank, the FDIC as receiverat its election may reject (i) any executory contract to which the closedbank 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. Thereceiver's election to reject a lease creates no claim (a) for rent otherthan rent accrued to the date of termination or (b) for actual damages, ifany, for such termination, not to exceed the equivalent of six months'payment. Notwithstanding any other law of the Commonwealth, the statute oflimitations shall be extended for a period of six months on all causes ofaction which may accrue to the FDIC as receiver.

(1983, c. 507, § 6.1-110.11; 2010, c. 794.)