TITLE 11 COMMERCIAL CODE

Section 5. Letters of Credit, 11-5-101 through 11-5-118.

ARTICLE 5 LETTERS OF CREDIT

11-5-115. 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.

(Code 1981, §11-5-115, enacted by Ga. L. 2002, p. 995, § 1.)