2013 Vermont Statutes
Title 09A Uniform Commercial Code
Article 5 Letters of Credit
§ 115 Statute of limitations
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.)
Disclaimer: These codes may not be the most recent version. Vermont may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
