An action to enforce a right or obligation arising under this chapter must be commenced within one (1) year after the expiration date of the relevant letter of credit or one (1) 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.
Ark. Code Ann. § 4-5-115
Statute of limitations
Known as the Uniform Commercial Code
The act spans §§ 4–4 (597 sections).
Applied in 1 court decision — leading case 2021 Ark. App. 231 - David Viele; Beth Viele, Individually and as Trustee for the Helen E. Viele Irrevocable Trust; And Beth's Bail Bonds, Inc. v. Corey Williams, in His Capacity as a Vice President of Centennial Bank; Ashley Moran, in Her Capacity as a Clerk for Centennial Bank; And Centennial Bank (2021)
Most recently applied in 2021 Ark. App. 231 - David Viele; Beth Viele, Individually and as Trustee for the Helen E. Viele Irrevocable Trust; And Beth's Bail Bonds, Inc. v. Corey Williams, in His Capacity as a Vice President of Centennial Bank; Ashley Moran, in Her Capacity as a Clerk for Centennial Bank; And Centennial Bank (May 2021)
Acts 1997, No. 1070, § 1.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.