Nevada Revised Statutes 104.5115 – Statute of limitations
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An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 1 year after the claim for relief accrues, whichever occurs later. A claim for relief accrues when the breach occurs, regardless of the aggrieved party’s lack of knowledge of the breach.
Terms Used In Nevada Revised Statutes 104.5115
- 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.