Code of Virginia

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Code of Virginia
Title 8.3A. Commercial Code -- Negotiable Instruments
Part 1. General Provisions and Definitions
2/25/2021

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

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

(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 run under 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 notice of renewal;

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

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

B. This section shall apply to negotiable and non-negotiable certificates of deposit.

2006, c. 624; 2010, c. 747; 2017, cc. 83, 640.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.