8.5A-115 - A-115. Statute of limitations. - Virginia Statutes

§ 8.5A-115. Statute of limitations.

An action to enforce a right or obligation arising under this title must becommenced within one year after the expiration date of the relevant letter ofcredit or one year after the cause of action accrues, whichever occurs later.A cause of action accrues when the breach occurs, regardless of the aggrievedparty's lack of knowledge of the breach.

(1997, c. 343.)