Section 5–115. 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.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title XV - Regulation of Trade
Chapter 106 - Uniform Commercial Code
Section 5-113 - Transfer by Operation of Law
Section 5-118 - Security Interest of Issuer or Nominated Person
Section 5-117 - Subrogation of Issuer, Applicant, and Nominated Person
Section 5-116 - Choice of Law and Forum
Section 5-115 - Statute of Limitations
Section 5-114 - Assignment of Proceeds
Section 5-112 - Transfer of Letter of Credit
Section 5-109 - Fraud and Forgery
Section 5-104 - Formal Requirements
Section 5-106 - Issuance, Amendment, Cancellation, and Duration
Section 5-107 - Confirmer, Nominated Person, and Adviser