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This entry was published on 2014-09-22
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Statute of limitations
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 5
Section 5--115. Statute of limitations.

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