11 §5-1115. Statute of limitations
Title 11: UNIFORM COMMERCIAL CODE
Article 5-A: LETTERS OF CREDIT HEADING: PL 1997, C. 429, PT. A, §2 (NEW)
§5-1115. 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 claim for relief or cause of action accrues, whichever occurs later. A claim for relief or cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach. [1997, c. 429, Pt. A, §2 (NEW); 1997, c. 429, Pt. A, §4 (AFF).]
SECTION HISTORY
1997, c. 429, §A2 (NEW). 1997, c. 429, §A4 (AFF).