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.
[C66, 71, 73, 75, 77, 79, 81, § 554.5115]
96 Acts, ch 1026, §14, 28
Previous Section 554.5114
Next Section 554.5116
© 2004 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Jan 15 10:49:41 CST 2004
URL: /DOCS/IACODE/2003SUPPLEMENT/554/5115.html
jhf