8.2A-506 - A-506. Statute of limitation. - Virginia Statutes

§ 8.2A-506. Statute of limitation.

(1) An action for default under a lease contract, including breach ofwarranty or indemnity, shall be commenced within four years after the causeof action accrued. By the original lease contract the parties may reduce theperiod of limitation to not less than one year.

(2) A cause of action for default accrues when the act or omission on whichthe default or breach of warranty is based is or should have been discoveredby the aggrieved party, or when the default occurs, whichever is later. Acause of action for indemnity accrues when the act or omission on which theclaim for indemnity is based is or should have been discovered by theindemnified party, whichever is later.

(3) If an action commenced within the time limited by subsection (1) of thissection is so terminated as to leave available a remedy by another action forthe same default or breach of warranty or indemnity, the other action may becommenced after the expiration of the time limited and within six monthsafter the termination of the first action unless the termination resultedfrom dismissal for failure or neglect to prosecute.

(4) This section does not alter the law on tolling of the statute oflimitations nor does it apply to causes of action that have accrued beforethis title becomes effective.

(1991, c. 536.)