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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 5. · Article 5. LETTERS OF CREDIT

11-5-115. Statute of limitations.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. 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.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

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

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, pages 591 to 592; merge action: carried; file SHA-256 ad397fccbf21.