An action to enforce a right or obligation arising under this title 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.
1997, c. 343.
Structure Code of Virginia
Title 8.5A - Uniform Commercial Code - Letters of Credit
§ 8.5A-104. Formal requirements
§ 8.5A-106. Issuance, amendment, cancellation, and duration
§ 8.5A-107. Confirmer, nominated person, and adviser
§ 8.5A-108. Issuer's rights and obligations
§ 8.5A-112. Transfer of letter of credit
§ 8.5A-113. Transfer by operation of law
§ 8.5A-114. Assignment of proceeds
§ 8.5A-115. Statute of limitations
§ 8.5A-116. Choice of law and forum
§ 8.5A-117. Subrogation of issuer, applicant, and nominated person
§ 8.5A-117.1. Security interest of issuer or nominated person