New York Laws
Article 5 - Letters of Credit
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.

Structure New York Laws