30-5-135. Statute of limitations. An action to enforce a right or obligation arising under this chapter 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.
History: En. Sec. 19, Ch. 536, L. 1997.
Structure Montana Code Annotated
Chapter 5. Uniform Commercial Code Letters of Credit
30-5-118. Security interest of issuer or nominated person
30-5-119. through 30-5-121 reserved
30-5-126. Issuance, amendment, cancellation, and duration
30-5-127. Confirmer, nominated person, and adviser
30-5-128. Issuer's rights and obligations
30-5-132. Transfer of letter of credit
30-5-133. Transfer by operation of law
30-5-134. Assignment of proceeds
30-5-135. Statute of limitations
30-5-136. Choice of law and forum
30-5-137. Subrogation of issuer, applicant, and nominated person