Statute · New York Uniform Commercial Code
N.Y. U.C.C. Law § 5-115 — Statute of limitations
N.Y. U.C.C. Law § 5-115
- Type
- Statute
- Source
- New York Uniform Commercial Code
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
Section 5--115. Statute of limitations.
Citator
N.Y. U.C.C. Law § 5-115 — Statute of limitations is in force in the current edition of the Code, and nothing recorded condemns it.
Section 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.