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.(1959, P.A. 133, S. 5-115; P.A. 96-198, S. 15.)History: P.A. 96-198 entirely replaced former provisions re the remedy for improper dishonor or anticipatory repudiation with provisions re the statute of limitations for actions to enforce a right or obligation arising under this article.See Sec. 42a-5-111 for successor provisions to Sec. 42a-5-115, revised to 1995, re remedies for improper dishonor or anticipatory repudiation.Cited. 173 C. 492.
Connecticut Legal Code