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.
810 ILCS 5/5-115
Statute of limitations
Known as the Uniform Commercial Code
The act spans §§ 810-5-1-101 to 810-5-9-150 (132 sections).
P.A. 89-534, eff. 1-1-97.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.