The bill amends sections 55-2-6, 55-2-7, and 55-2-11 of the Code of West Virginia, 1931, to reduce the time limits for bringing actions to recover on various types of contracts and bonds. Specifically, the time frame for actions based on written and oral contracts, certain bonds, and recognizances is decreased from ten years to five years. Additionally, for actions based on other contracts, the limit is reduced from five years to two years. The bill also clarifies that the statute of limitations does not begin to run until the person with the right to a cause of action knows or reasonably should know that their right has accrued.

Furthermore, the bill specifies that the right of action on the bond of a personal representative or fiduciary is deemed to have first accrued based on certain conditions, such as the age of a ward or the return day of an execution. It also establishes that actions against fiduciaries who have settled accounts must be initiated within five years after the account confirmation. The bill emphasizes that the discovery rule applies, meaning that the time limit for recovery based on fraud or mistake starts when the fraud or mistake is discovered or should have been discovered through due diligence.

Statutes affected:
Introduced Version: 55-2-6, 55-2-7, 55-2-11
Committee Substitute: 55-2-6, 55-2-7, 55-2-11