An action to enforce a right or obligation arising under this chapter 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.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
§ 4-5-104. Formal requirements
§ 4-5-106. Issuance, amendment, cancellation, and duration
§ 4-5-107. Confirmer, nominated person, and adviser
§ 4-5-108. Issuer's rights and obligations
§ 4-5-112. Transfer of letter of credit
§ 4-5-113. Transfer by operation of law
§ 4-5-114. Assignment of proceeds
§ 4-5-115. Statute of limitations
§ 4-5-116. Choice of law and forum
§ 4-5-117. Subrogation of issuer, applicant, and nominated person