Vermont Statutes Title 9 Sec. 5-115
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Vermont Statutes Title 9 Sec. 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.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
§ 5—115. Statute of limitations
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. (Added 1997, No. 65 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)