2006 Code of Virginia § 6.1-110.11 - Termination of executory contracts and leases; liability; extension of statute of limitation...

6.1-110.11. Termination of executory contracts and leases; liability;extension of statute of limitations.

Within 180 days of the date of the closing of the bank, the FDIC, asreceiver, may at its election reject any executory contract to which theclosed bank is party without further liability to the closed bank or thereceiver, or may reject any obligation of the bank as a lessee of real orpersonal property. The receiver's election to reject a lease creates no claimfor rent other than rent accrued to the date of termination, or for actualdamages, if any, for such termination, not to exceed the equivalent of sixmonths' payment. Notwithstanding any other law of the Commonwealth, thestatute of limitations shall be extended for a period of six months on allcauses of action which may accrue to the FDIC as receiver.

(1983, c. 507.)