§ 5115
60 words·~1 min read·
/ca/commercial-code/5115A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An action to enforce a right or obligation arising under this article must be commenced within one year after the expiration date of the relevant letter of credit or one 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.