Louisiana Revised Statutes 10:5-115 – Statute of limitations
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Terms Used In Louisiana Revised Statutes 10:5-115
- Issuer: means a financial institution or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes. See Louisiana Revised Statutes 10:5-102
- Letter of credit: means a definite undertaking that satisfies the requirements of La. See Louisiana Revised Statutes 10:5-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
An action to enforce a right or obligation arising under this Chapter 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, except an action to enforce an issuer‘s right of reimbursement under La. Rev. Stat. 10:5-108 must be commenced within five years of the date of its payment of funds. A cause of action accrues when the breach occurs, regardless of the aggrieved party’s lack of knowledge of the breach.
Added by Acts 1974, No. 92, §1, eff. Jan. 1, 1975; Acts 1999, No. 171, §1, eff. Jan. 1, 2000.