§ 5-115

Maryland § 5-115

• Jurisdiction: Maryland
• Article gcl: Commercial Law
• Title: 5

Text

An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 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.