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 date 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.
Wis. Stat. § 405.115
Statute of limitations
Applied in 1 court decision — leading case JP Morgan Trust Co., NA v. US BANK, NA (2005)
Most recently applied in JP Morgan Trust Co., NA v. US BANK, NA (August 2005)
2005 a. 213.
Official source: Wisconsin State Legislature. Reproduced from public-domain Wisconsin statutes; confirm against the official source for the current text. Not legal advice.