84-5-115. 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 breach.
History: L. 1996, ch. 202, ยง 15; July 1.
Structure Kansas Statutes
Chapter 84 - Uniform Commercial Code
84-5-106 Issuance, amendment, cancellation and duration.
84-5-107 Confirmer, nominated person and adviser.
84-5-108 Issuer's rights and obligations.
84-5-112 Transfer of letter of credit.
84-5-113 Transfer by operation of law.
84-5-114 Assignment of proceeds.
84-5-115 Statute of limitations.
84-5-116 Choice of law and forum.
84-5-117 Subrogation of issuer, applicant and nominated person.