§ 26-1-2-725 — Statute of limitations in contracts for sale

(1) An action for breach of any contract for
sale must be commenced within four (4) years after the cause of action
has accrued. By the original agreement the parties may reduce the
period of limitation to not less than one (1) year, but may not extend it.
(2) A cause of action accrues when the breach occurs, regardless of
the aggrieved party's lack of knowledge of the breach. A breach of
warranty occurs when tender of delivery is made, except that where a
warranty explicitly extends to future performance of the goods and
discovery of the breach must await the time of such performance, the
cause of action accrues when the breach is or should have been
discovered.
(3) Where an action commenced within the time limited by
subsection (1) is so terminated as to leave available a remedy by
another action for the same breach, such other action may be
commenced after the expiration of the time limited and within six (6)
months after the termination of the first action, unless the termination
resulted from voluntary discontinuance or from dismissal for failure or
neglect to prosecute.
(4) This section does not alter the law on tolling of the statute of
limitations nor does it apply to causes of action which have accrued
before IC 26-1 becomes effective.
Formerly: Acts 1963, c.317, s.2-725. As amended by
P.L.152-1986, SEC.176.