Limited bank liability for the routine destruction of documents; provided uniformity between statute of limitations and presumption of abandonment under WV FIN 36-8-2.
Also, provided uniformity between the statute of limitations for actions to enforce the obligation of a note and a banks duty to retain and produce records on such notes.
Provided a presumption of payment by bank on any demand, savings, or time deposit, where property qualifies as abandoned property or there is evidence of escheatment.
Modified banks record production of notes presumed abandoned with escheatment.
Legislative History
On Jan. 30, 2024, bill was introduced in Senate; on Mar. 8, 2024, bill passed Senate.
On Mar. 8, 2024, bill was introduced in House; on Mar. 8, 2024, bill passed House.
Effectiveness
Upon legislative approval, the provisions of HB 4837 will become effective in 90 days.
Mar. 27, 2024 WV LEG Governor Approval
On Mar. 27, 2024, WV LEG governor approved bill HB 4837, effective on Jun. 6, 2024.
