N.Y. U.C.C. 5-115

Section 5--115. Statute of limitations.\n An action to enforce a right or obligation arising under this article\nmust be commenced within one year after the expiration date of the\nrelevant letter of credit or one year after the cause of action accrues,\nwhichever occurs later. A cause of action accrues when the breach\noccurs, regardless of the aggrieved party's lack of knowledge of the\nbreach.\n