Ohio Code 1305.14 – Statute of limitations – UCC 5-115
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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 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.
Terms Used In Ohio Code 1305.14
- Letter of credit: means a definite undertaking that satisfies the requirements of section 1305. See Ohio Code 1305.01
- 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.