2006 Code of Virginia § 55-383 - Statute of limitations; actions

55-383. Statute of limitations; actions.

A. A judicial proceeding where the accuracy of the public offering statementor validity of any contract of purchase is in issue and a rescission of thecontract or damages is sought must be commenced within two years after thedate of the contract of purchase, notwithstanding that the purchaser's termsof payments may extend beyond this period of limitation; however, withrespect to the enforcement of provisions in the contract of purchase whichrequire the continued furnishing of services and the reciprocal payments tobe made by the purchaser, the period of bringing a judicial proceeding willcontinue for a period of two years for each breach.

B. If a developer has substantially complied in good faith with theprovisions of this chapter, a nonmaterial error or omission shall not beactionable. A nonmaterial error or omission shall not be sufficient to permita purchaser to cancel a contract after the cancellation period provided by 55-376 has expired.

(1981, c. 462; 2006, c. 653.)