Printable Format84-5-115. 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.
History: L. 1996, ch. 202, § 15; July 1.
KANSAS COMMENT, 1996
This section is new to Article 5 and is identical to the 1995 Official Text. It sets a statute of limitations of one year from the expiration of the letter of credit (84-5-106(c) and (d)) or one year after the wrongful dishonor or breach of warranty or other cause of action accrues. The statute of limitations applies to letters of credit issued after the effective date of the revised provisions. The statute of limitations will run despite a lack of knowledge of the existence of a cause of action, requiring the various parties to periodically check the status of their rights.
Revisor's Note:
Former section 84-5-115 was repealed by L. 1996, ch. 202, § 91 and the number reassigned to the current text.