§ 2-A-506 — Statute of Limitations

Section 2-A-506. Statute of Limitations.\n (1) An action for default under a lease contract, including breach of\nwarranty or indemnity, must be commenced within four years after the\ncause of action accrued. In a lease contract that is not a consumer\nlease, by the original lease contract the parties may reduce the period\nof limitation to not less than one year.\n (2) A cause of action for default accrues when the act or omission on\nwhich the default or breach of warranty is based is or should have been\ndiscovered by the aggrieved party, or when the default occurs, whichever\nis later. A cause of action for indemnity accrues when the act or\nomission on which the claim for indemnity is based is or should have\nbeen discovered by the indemnified party, whichever is later.\n (3) If an action commenced within the time limited by subsection (1)\nis so terminated as to leave available a remedy by another action for\nthe same default or breach of warranty or indemnity, the other action\nmay be commenced after the expiration of the time limited and within six\nmonths after the termination of the first action unless the termination\nresulted from voluntary discontinuance or from dismissal for failure or\nneglect to prosecute.\n (4) This section does not alter the law on tolling of the statute of\nlimitations nor does it apply to causes of action that have accrued\nbefore this Article becomes effective.\n