Kentucky Statutes 355.5-115 – Statute of limitations
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An action to enforce a right or obligation arising under this article must be commenced within one (1) year after the expiration date of the relevant letter of credit or one (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.
Effective: July 1, 2001
History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 15, effective July 1, 2001.
— Created 1958 Ky. Acts ch. 77, sec. 5-115, effective July 1, 1960.
Effective: July 1, 2001
Terms Used In Kentucky Statutes 355.5-115
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- 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.
- Year: means calendar year. See Kentucky Statutes 446.010
History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 15, effective July 1, 2001.
— Created 1958 Ky. Acts ch. 77, sec. 5-115, effective July 1, 1960.