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2021 Maryland Statutes
Title 5 - Letters of Credit
Section 5-115 - Statute of Limitations
Universal Citation: MD. Commercial Law Code Ann. § 5-115 (2021)
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.
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