§ 34-41-4.14 - Statute of limitation for warranties.
SECTION 34-41-4.14
§ 34-41-4.14 Statute of limitation forwarranties. – (a) A judicial proceeding for breach of any obligation arising under §34-41-4.11 or 34-41-4.12 must be commenced within ten (10) years after thecause of action accrues, but the parties may agree to reduce the period oflimitation to not less than five (5) years. With respect to a time-share unitthat may be used as a dwelling or for recreational purposes, an agreement toreduce the period of limitation must be evidenced by a separate instrumentexecuted by the purchaser.
(b) Subject to subsection (c), a cause of action for breachof warranty of quality, regardless of the purchaser's lack of knowledge of thebreach accrues, unless extended by agreement:
(1) As to a unit, at the time of the first transfer of a timeshare therein by the seller to a bona fide purchaser; and
(2) As to other improvements, at the time each is completed.
(c) If a warranty of quality explicitly extends to futureperformance or duration of any improvement or component of the property, thecause of action accrues at the time the breach is discovered or at the end ofthe period for which the warranty explicitly extends, whichever is earlier.