Effective: July 1, 1998
Latest Legislation: House Bill 338 - 122nd General Assembly
An action to enforce a right or obligation arising under this chapter 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 Ohio Revised Code
Title 13 | Commercial Transactions
Chapter 1305 | Letters of Credit
Section 1305.01 | Definitions - Ucc 5-102.
Section 1305.02 | Scope - Ucc 5-103.
Section 1305.03 | Formal Requirements - Ucc 5-104.
Section 1305.04 | Consideration - Ucc 5-105.
Section 1305.05 | Issuance, Amendment, Cancellation, and Duration - Ucc 5-106.
Section 1305.06 | Confirmer, Nominated Person, and Adviser - Ucc 5-107.
Section 1305.07 | Issuer's Rights and Obligations - Ucc 5-108.
Section 1305.08 | Fraud and Forgery - Ucc 5-109.
Section 1305.09 | Warranties - Ucc 5-110.
Section 1305.10 | Remedies - Ucc 5-111.
Section 1305.11 | Transfer of Letter of Credit - Ucc 5-112.
Section 1305.12 | Transfer by Operation of Law - Ucc 5-113.
Section 1305.13 | Assignment of Proceeds - Ucc 5-114.
Section 1305.14 | Statute of Limitations - Ucc 5-115.
Section 1305.15 | Choice of Law and Forum - Ucc 5-116.
Section 1305.16 | Subrogation of Issuer, Applicant, and Nominated Person - Ucc 5-117.
Section 1305.18 | Security Interest of Issuer or Nominated Person - Ucc 5-118.