§490:2A-506  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 article becomes effective. [L 1991, c 40, pt of
§1]