Sec. 5115. An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 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.
Mich. Comp. Laws § 440.5115
Commencement of action
Applied in 1 court decision — leading case 240 F. Supp. 2d 632 - Krause v. Stroh Brewery Co. (2002)
Most recently applied in 240 F. Supp. 2d 632 - Krause v. Stroh Brewery Co. (July 2002)
1962, Act 174, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.