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, the bill introduces a two-year limitation for actions based on other express or implied contracts. A significant change is the clarification that the statute of limitations will not begin to run until the individual with the right to a cause of action either knows or should reasonably 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 the ward or the termination of the fiduciary's office. It also states that actions against fiduciaries who have settled accounts must be initiated within five years after the account confirmation. The bill maintains that the right to recover money paid under fraud or mistake accrues upon discovery of the fraud or mistake. Overall, these amendments aim to streamline the legal process and clarify the application of the discovery rule in relation to the statutes of limitations.

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