South Carolina Statutes
§ 36-5-115 — Statute of limitations.
An action to enforce a right or obligation arising under this chapter must be commenced within one year after the expiration date of the relevant letter of credit or one year after the claim for relief cause of action accrues, whichever occurs later. A claim for relief cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.
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South Carolina § 36-5-115 (Statute of limitations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 10.5-115; 1966 (54) 2716; 2001 Act No. 67, SECTION 15.
Nearby Sections
15
§ 36-5-101
Short title.§ 36-5-102
Definitions.§ 36-5-103
Scope.§ 36-5-104
Formal requirements.§ 36-5-105
Consideration.§ 36-5-108
Issuer's rights and obligations.§ 36-5-109
Fraud and forgery.§ 36-5-110
Warranties.§ 36-5-111
Remedies.§ 36-5-112
Transfer of letter of credit.§ 36-5-113
Transfer by operation of law.§ 36-5-114
Assignment of proceeds.§ 36-5-115
Statute of limitations.