§ 355-5-115

355.5 -115 Statute of limitations. An action to enforce a right or obligation arising under this article must be commenced within one (1) year after the expiration date of the relevant letter of credit or one (1) year after the claim for relief accrues, whichever occurs later. A claim for r elief accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach. Effective: July 1, 2001 History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 15, effective July 1, 2001. -- Created 1958 Ky. Acts ch. 77, sec. 5-115, effective July 1, 1960.