Reducing statute of limitations on actions to recover on oral and written contracts

SB 124 reduces the time limits for filing lawsuits to recover money owed under contracts in West Virginia. It shortens the deadline for written contracts from 10 years to 5 years and for oral contracts from 5 years to 2 years. The bill also clarifies that the "discovery rule" applies, meaning the time limit starts when a person discovers or should have discovered the issue, not when the contract was breached. This directly affects individuals and businesses seeking to sue for unpaid services or goods under written or oral agreements. The changes apply to contracts, certain bonds, and recognizances as specified in the bill's provisions.