O.C.G.A.
O.C.G.A. § 11-5-115 (2019)
Statute of limitations
✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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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.
History
Code 1981, § 11-5-115, enacted by Ga. L. 2002, p. 995, § 1.
Annotations
RESEARCH REFERENCES U.L.A. Uniform Commercial Code (U.L.A.) § 5115.
Notes of Decisions
Cited in 1
case, 1994–1994 · leading case: Dibrell Bros. Int'l S.A., Plaintiff-Counter-Defendant-Appellant v. Banca Nazionale Del Lavoro, Defendant-Counter-Claimant-Appellee, 38 F.3d 1571 (11th Cir. 1994).
Dibrell Bros. Int'l S.A., Plaintiff-Counter-Defendant-Appellant v. Banca Nazionale Del Lavoro, Defendant-Counter-Claimant-Appellee, 38 F.3d 1571 (11th Cir. 1994). “See O.C.G.A. § 11-5-115. The beneficiary must use one of these remedies.”
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