New York Laws
Part 5 - Default
2-A-506 - Statute of Limitations.

(1) An action for default under a lease contract, including breach of
warranty or indemnity, must be commenced within four years after the
cause of action accrued. In a lease contract that is not a consumer
lease, by the original lease contract the parties may reduce the period
of limitation to not less than one year.
(2) A cause of action for default accrues when the act or omission on
which the default or breach of warranty is based is or should have been
discovered by the aggrieved party, or when the default occurs, whichever
is later. A cause of action for indemnity accrues when the act or
omission on which the claim for indemnity is based is or should have
been discovered by the indemnified party, whichever is later.
(3) If an action commenced within the time limited by subsection (1)
is so terminated as to leave available a remedy by another action for
the same default or breach of warranty or indemnity, the other action
may be commenced after the expiration of the time limited and within six
months after the termination of the first action unless the termination
resulted from voluntary discontinuance or from dismissal for failure or
neglect to prosecute.
(4) This section does not alter the law on tolling of the statute of
limitations nor does it apply to causes of action that have accrued
before this Article becomes effective.

Structure New York Laws