8.3A-118.1 - A-118.1. Statute of limitations on deposit accounts and certificates of deposit. - Virginia Statutes

§ 8.3A-118.1. Statute of limitations on deposit accounts and certificates ofdeposit.

An action to enforce the obligations of a bank to pay all or part of thebalance of a deposit account or certificate of deposit (collectively, adeposit) must be commenced within six years after the earlier of thefollowing:

(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 rununder subsection (e) of § 8.3A-118; or

(2) The later of:

(A) The due date of the deposit indicated in the bank's last written noticeof renewal;

(B) The date of the last written communication from the bank recognizing thebank's obligation with respect to the deposit; or

(C) The last day of the taxable year for which the owner of the deposit orthe bank last reported interest income earned on the deposit for federal orstate income tax purposes.

(2006, c. 624; 2010, c. 747.)