There Is a Newer Version
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the Vermont Statutes
2011 Vermont Code
Title 09A Uniform Commercial Code
Article 5 Letters of Credit
§ 115 Statute of limitations
Universal Citation:
9A VT Stats § 5-115. (2011 through Adj Sess)
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TITLE 9A
Uniform Commercial Code
ARTICLE V. Letters of Credit
§ 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. (Added 1997, No. 65 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)
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