PREFILED    JAN 07 2011

REFERENCE TITLE: technical correction; statute of limitations

State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011

HB 2050

Introduced by Representative Seel

 

AN ACT

 

amending section 47-5115, Arizona Revised Statutes; relating to letters of credit.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 47-5115, Arizona Revised Statutes, is amended to read:

START_STATUTE47-5115.  Statute of limitations

An action to enforce a right or obligation arising under this article 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.  A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.END_STATUTE