Sec. 5.115. STATUTE OF LIMITATIONS. 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.
Amended by Acts 1999, 76th Leg., ch. 4, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Title 1 - Uniform Commercial Code
Section 5.104. Formal Requirements
Section 5.106. Issuance, Amendment, Cancellation, and Duration
Section 5.107. Confirmer, Nominated Person, and Adviser
Section 5.108. Issuer's Rights and Obligations
Section 5.109. Fraud and Forgery
Section 5.112. Transfer of Letter of Credit
Section 5.113. Transfer by Operation of Law
Section 5.114. Assignment of Proceeds
Section 5.115. Statute of Limitations
Section 5.116. Choice of Law and Forum
Section 5.117. Subrogation of Issuer, Applicant, and Nominated Person
Section 5.118. Security Interest of Issuer or Nominated Person