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 on other express or implied contracts. It also clarifies that the statute of limitations does not begin to run until the person entitled to bring a cause of action knows or should reasonably know that their right has accrued.

Furthermore, the bill specifies that the right of action on the bond of a fiduciary, such as an executor or guardian, is deemed to have first accrued based on certain conditions, including 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 has been confirmed. The bill maintains that actions for recovery of money paid under fraud or mistake accrue at the time of discovery of such fraud or mistake.

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