Illinois Statutes
§ 5-115 — Statute of limitations
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 5 - Letters Of Credit
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 cause of 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.
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Illinois § 5-115 (Statute of limitations) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Source: P.A. 89-534, eff. 1-1-97.)
Nearby Sections
15
§ 5-101
Short title§ 5-102
Definitions§ 5-103
Scope§ 5-104
Formal requirements§ 5-105
Consideration§ 5-109
Fraud and forgery§ 5-110
Warranties§ 5-111
Remedies§ 5-112
Transfer of letter of credit§ 5-113
Transfer by operation of law§ 5-114
Assignment of proceeds§ 5-115
Statute of limitations