554.13506 Statute of limitations. 1. An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four years after the cause of action accrued. By the original leasecontract the parties may reduce the period of limitation to not less than one year. 2. A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, orwhen the default occurs, whichever is later. A cause of action for indemnity accrues when theact or omission on which the claim for indemnity is based is or should have been discoveredby the indemnified party, whichever is later. 3. If an action commenced within the time limited by subsection 1 is so terminated as to leave available a remedy by another action for the same default or breach of warranty orindemnity, the other action may be commenced after the expiration of the time limited andwithin six months after the termination of the first action unless the termination resulted fromvoluntary discontinuance or from dismissal for failure or neglect to prosecute. 4. the time limited andwithin six months after the termination of the first action unless the termination resulted fromvoluntary discontinuance or from dismissal for failure or neglect to prosecute. 4. This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action that have accrued before this Article becomes effective. 94 Acts, ch 1052, §58 Sat Dec 23 11:03:28 2023 Iowa Code 2024, Section 554.13506 (24, 0)
Iowa Legal Code