Illinois Compiled Statutes 810 ILCS 5/5-115 – Statute of limitations
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Terms Used In Illinois Compiled Statutes 810 ILCS 5/5-115
- 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.
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.