§ 5115. Statute of limitations. An action to enforce a right or obligation arising under this division 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, except that, in the event of a fraud or forgery adversely affecting the aggrieved party, a cause of action accrues on the earlier of the date on which the fraud or forgery was discovered by the aggrieved party or the date on which the fraud or forgery could have been discovered by the aggrieved party by the exercise of reasonable diligence.
Special Provisions in Appendix. See section 28 of Act 18 of 2001 in the appendix to this title for special provisions relating to applicability of transitional provisions.
Cross References. Section 5115 is referred to in section 9700 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 51 - Letters of Credit
Section 5101 - Short title of division
Section 5104 - Formal requirements
Section 5106 - Issuance, amendment, cancellation and duration
Section 5107 - Confirmer, nominated person and advisor
Section 5108 - Issuer's rights and obligations
Section 5109 - Fraud and forgery
Section 5112 - Transfer of letter of credit
Section 5113 - Transfer by operation of law
Section 5114 - Assignment of proceeds
Section 5115 - Statute of limitations
Section 5116 - Choice of law and forum
Section 5117 - Subrogation of issuer, applicant and nominated person
Section 5118 - Security interest of issuer or nominated person