Iowa Code 554.5115 – Statute of limitations
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Terms Used In Iowa Code 554.5115
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- year: means twelve consecutive months. See Iowa Code 4.1
554.5115 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.
[C66, 71, 73, 75, 77, 79, 81, §554.5115]
96 Acts, ch 1026, §14, 28
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.
[C66, 71, 73, 75, 77, 79, 81, §554.5115]
96 Acts, ch 1026, §14, 28