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.
Cal. Com. Code § 5115
LETTERS OF CREDIT
Known as the Uniform Commercial Code
The act spans §§ 1101–12107 (623 sections).
Repealed and added by Stats. 1996, Ch. 176, Sec. 7
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.