2006 New York Code - Statute Of Limitations.

 
  Section 5--115. Statute of limitations.
    An  action to enforce a right or obligation arising under this article
  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.