§ 26-1-5.1-115 — Statute of limitations

Indiana § 26-1-5.1-115

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 5.1: Letters of Credit

Text

An action to enforce a right or obligation
arising under IC 26-1-5.1 must be commenced within one (1) year after
the expiration date of the relevant letter of credit or one (1) 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.

Legislative History

As added by P.L.183-1996, SEC.4.