440.5115 Commencement of action.
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440.5115 Commencement of action.
Sec. 5115.
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.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488 , Imd. Eff. Jan. 4, 1999