§490:5-115  Statute of limitations.  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. [L 1996, c 39, pt of §1]