§ 34.1-5-115 — Statute of limitations

An action to enforce a right or obligation arising under this
article 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.