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 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.
Utah Code § 70A-5-115
Statute of limitations
Known as the Uniform Commercial Code
The act spans §§ 70–70 (293 sections).
Repealed and Re-enacted by Chapter 241, 1997 General Session
Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.