448.4-116. Statute of limitations for warranties.
Statute of limitations for warranties.
448.4-116. 1. A judicial proceeding for breach of anyobligation arising under section 448.4-113 or 448.4-114 shall becommenced within six years after the cause of action accrues, butthe parties may agree to reduce the period of limitation to notless than two years. With respect to a unit which may beoccupied for residential use, an agreement to reduce the periodof limitation shall be evidenced by a separate instrumentexecuted by the purchaser.
2. Subject to subsection 3 of this section, a cause ofaction for breach of warranty of quality, regardless of thepurchaser's lack of knowledge of the breach, accrues:
(1) As to a unit, at the time the purchaser to whom thewarranty is first made enters into possession if a possessoryinterest was conveyed or at the time of acceptance of theinstrument of conveyance if a nonpossessory interest wasconveyed; and
(2) As to each common element, at the time the commonelement is completed or, if later, (a) as to a common elementwhich may be added to the condominium, or any portion thereof, atthe time the first unit therein is conveyed to a bona fidepurchaser, or (b) as to a common element within any other portionof the condominium, at the time the first unit in the condominiumis conveyed to a bona fide purchaser.
3. If a warranty of quality explicitly extends to futureperformance or duration of any improvement or component of thecondominium, the cause of action accrues at the time the breachis discovered or at the end of the period for which the warrantyexplicitly extends, whichever is earlier.
(L. 1983 H.B. 177)