70A-5-115 - Statute of limitations.
70A-5-115. Statute of limitations.
An action to enforce a right or obligation arising under this chapter must be commencedwithin one year after the expiration date of the relevant letter of credit or one year after the causeof 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.
Repealed and Re-enacted by Chapter 241, 1997 General Session