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 cause of action accrues, whichever occurs later. A claim for relief cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.
HISTORY: 1962 Code Section 10.5-115; 1966 (54) 2716; 2001 Act No. 67, Section 15.