An action to enforce a right or obligation arising under this article must be commenced within two years 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.
Structure Code of Alabama
Article 5 - Letters of Credit.
Section 7-5-101 - Short Title.
Section 7-5-102 - Definitions.
Section 7-5-104 - Formal Requirements.
Section 7-5-105 - Consideration.
Section 7-5-106 - Issuance, Amendment, Cancellation, and Duration.
Section 7-5-107 - Confirmer, Nominated Person, and Adviser.
Section 7-5-108 - Issuer's Rights and Obligations.
Section 7-5-109 - Fraud and Forgery.
Section 7-5-112 - Transfer of Letter of Credit.
Section 7-5-113 - Transfer by Operation of Law.
Section 7-5-114 - Assignment of Proceeds.
Section 7-5-115 - Statute of Limitations.
Section 7-5-116 - Choice of Law and Forum.
Section 7-5-117 - Subrogation of Issuer, Applicant, and Nominated Person.
Section 7-5-118 - Security Interest of Issuer or Nominated Person.