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 claim for relief cause of action accrues, whichever occurs later. A claim for relief cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.
HISTORY: 1962 Code Section 10.5-115; 1966 (54) 2716; 2001 Act No. 67, Section 15.
Structure South Carolina Code of Laws
Chapter 5 - Commercial Code - Letters Of Credit
Section 36-5-101. Short title.
Section 36-5-102. Definitions.
Section 36-5-104. Formal requirements.
Section 36-5-105. Consideration.
Section 36-5-106. Issuance, amendment, cancellation, and duration.
Section 36-5-107. Confirmer, nominated person, and adviser.
Section 36-5-108. Issuer's rights and obligations.
Section 36-5-109. Fraud and forgery.
Section 36-5-112. Transfer of letter of credit.
Section 36-5-113. Transfer by operation of law.
Section 36-5-114. Assignment of proceeds.
Section 36-5-115. Statute of limitations.
Section 36-5-116. Choice of law and forum.
Section 36-5-117. Subrogation of issuer, applicant, and nominated person.
Section 36-5-118. Security interest of issuer or nominated person.