Michigan Compiled Laws

Mich. Comp. Laws § 440.5115 (2026)

Commencement of action.

✓ current as of July 2026

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UNIFORM COMMERCIAL CODE

Act 174 of 1962

440.5115 Commencement of action.

Sec. 5115.

An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 1 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: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999

Notes of Decisions

Cited in 1 case, 2002–2002 · leading case: Krause v. Stroh Brewery Co., 240 F. Supp. 2d 632 (E.D. Mich. 2002).

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Krause v. Stroh Brewery Co., 240 F. Supp. 2d 632 (E.D. Mich. 2002). · cites it 2× “Article 5 includes a one-year statute of limitations period for any “action to enforce a right or obligation arising under this article” See Mich. Comp. Laws § 440.5115 . Article 5 also provides a cause of action for wrongfully collecting on a letter of credit.”

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