28-5-115. STATUTE OF LIMITATIONS. 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.
History:
[28-5-115, added 1996, ch. 7, sec. 2, p. 17.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 5 - UNIFORM COMMERCIAL CODE — LETTERS OF CREDIT
Section 28-5-101 - SHORT TITLE.
Section 28-5-102 - DEFINITIONS.
Section 28-5-104 - FORMAL REQUIREMENTS.
Section 28-5-105 - CONSIDERATION.
Section 28-5-106 - ISSUANCE, AMENDMENT, CANCELLATION, AND DURATION.
Section 28-5-107 - CONFIRMER, NOMINATED PERSON, AND ADVISER.
Section 28-5-108 - ISSUER’S RIGHTS AND OBLIGATIONS.
Section 28-5-109 - FRAUD AND FORGERY.
Section 28-5-110 - WARRANTIES.
Section 28-5-112 - TRANSFER OF LETTER OF CREDIT.
Section 28-5-113 - TRANSFER BY OPERATION OF LAW.
Section 28-5-114 - ASSIGNMENT OF PROCEEDS.
Section 28-5-115 - STATUTE OF LIMITATIONS.
Section 28-5-116 - CHOICE OF LAW AND FORUM.
Section 28-5-117 - SUBROGATION OF ISSUER, APPLICANT, AND NOMINATED PERSON.
Section 28-5-118 - APPLICABILITY.
Section 28-5-119 - SAVINGS CLAUSE.
Section 28-5-120 - SECURITY INTEREST OF ISSUER OR NOMINATED PERSON.