An action to enforce a right or obligation arising under this chapter must be commenced within one year after the expiration date of the relevant letter of credit or one year after the claim for relief cause of action accrues, whichever occurs later. A claim for relief cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.
S.C. Code Ann. § 36-5-115
Statute of limitations
Known as the Uniform Commercial Code
The act spans §§ 36–36 (519 sections).
Applied in 3 court decisions — leading case Young
Most recently applied in Young v. Federal Deposit Insurance Corporation (January 1997)
1962 Code SECTION 10.5-115; 1966 (54) 2716; 2001 Act No. 67, SECTION 15.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.