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 relief accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.
KRS 355.5-115
Statute of limitations
Known as the Uniform Commercial Code
The act spans §§ 355.10-101 to 355.9-809 (686 sections).
Effective: July 1, 2001 History: Repealed and reenacted 2000 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.