25-5-115. 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. (1999-73, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 25 - Uniform Commercial Code
Article 5 - Letters of Credit.
§ 25-5-104 - Formal requirements.
§ 25-5-106 - Issuance, amendment, cancellation, and duration.
§ 25-5-107 - Confirmer, nominated person, and adviser.
§ 25-5-108 - Issuer's rights and obligations.
§ 25-5-109 - Fraud and forgery.
§ 25-5-112 - Transfer of letter of credit.
§ 25-5-113 - Transfer by operation of law.
§ 25-5-114 - Assignment of proceeds.
§ 25-5-115 - Statute of limitations.
§ 25-5-116 - Choice of law and forum.
§ 25-5-117 - Subrogation of issuer, applicant, and nominated person.
§ 25-5-118 - Security interest of issuer or nominated person.