North Dakota Code 41-05-15 – (5-115) Statute of limitations
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An action to enforce a right or obligation arising under this chapter must be commenced within one year after the expiration date of the relevant letter of credit or one 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 North Dakota Code 41-05-15
- 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 twelve consecutive months. See North Dakota Code 1-01-33