Section 5-115 - Statute of limitations. - Maryland Statutes

§ 5-115. Statute of limitations.
 

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. 
 

[1997, ch. 652, § 2.]