400.2A-506. Statute of limitations.
Statute of limitations.
400.2A-506. (1) An action for default under a leasecontract, including breach of warranty or indemnity, must becommenced within four years after the cause of action accrued.By the original lease contract the parties may reduce the periodof limitation to not less than one year.
(2) A cause of action for default accrues when the act oromission on which the default or breach of warranty is based isor should have been discovered by the aggrieved party, or whenthe default occurs, whichever is later. A cause of action forindemnity accrues when the act or omission on which the claim forindemnity is based is or should have been discovered by theindemnified party, whichever is later.
(3) If an action commenced within the time limited bysubsection (1) is so terminated as to leave available a remedy byanother action for the same default or breach of warranty orindemnity, the other action may be commenced after the expirationof the time limited and within six months after the terminationof the first action unless the termination resulted fromvoluntary discontinuance or from dismissal for failure or neglectto prosecute.
(4) This section does not alter the law on tolling of thestatute of limitations nor does it apply to causes of action thathave accrued before this Article becomes effective.
(L. 1992 S.B. 448)