47-2A506. Statute of limitations
A. An action for default under a lease contract, including breach of warranty or
indemnity, must be commenced within four years after the cause of action accrued. By the
original lease contract the parties may reduce the period of limitation to not less than
one year.
B. A cause of action for default accrues when the act or omission on which the
default or breach of warranty is based is or should have been discovered by the aggrieved
party, or when the default occurs, whichever is later. A cause of action for indemnity
accrues when the act or omission on which the claim for indemnity is based is or should
have been discovered by the indemnified party, whichever is later.
C. If an action commenced within the time limited by subsection A is so terminated
as to leave available a remedy by another action for the same default or breach of
warranty or indemnity, the other action may be commenced after the expiration of the time
limited and within six months after the termination of the first action unless the
termination resulted from voluntary discontinuance or from dismissal for failure or
neglect to prosecute.
D. This section does not alter the law on tolling of the statute of limitations nor
does it apply to causes of action that have accrued before this chapter becomes
effective.
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