§ 62A.5-115. Statute of limitations
An action to enforce a right or obligation arising under this Article must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.
[1997 c 56 § 16; 1965 ex.s. c 157 § 5-115.]
Sections: Previous 62A.5-104 62A.5-105 62A.5-106 62A.5-107 62A.5-108 62A.5-109 62A.5-110 62A.5-111 62A.5-112 62A.5-113 62A.5-114 62A.5-115 62A.5-116 62A.5-117 62A.5-118 NextLast modified: April 7, 2009