An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 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 Maryland Statutes
Section 5-104 - Formal Requirements
Section 5-106 - Issuance, Amendment, Cancellation, and Duration
Section 5-107 - Confirmer, Nominated Person, and Adviser
Section 5-108 - Issuer's Rights and Obligations
Section 5-109 - Fraud and Forgery
Section 5-112 - Transfer of Letter of Credit
Section 5-113 - Transfer by Operation of Law
Section 5-114 - Assignment of Proceeds
Section 5-115 - Statute of Limitations
Section 5-116 - Choice of Law and Forum
Section 5-117 - Subrogation of Issuer, Applicant, and Nominated Person
Section 5-118 - Security Interest of Issuer or Nominated Person