This bill proposes to amend current statutes by updating the terminology and clarifying the time frame for initiating actions related to letters of credit. Specifically, it replaces the term "article" with "chapter" in the context of enforcing rights or obligations arising under the relevant statutes.

Additionally, the bill stipulates that an action must be commenced within one year after the expiration date of the letter of credit or one year after the cause of action accrues, whichever is later. It also clarifies that a cause of action accrues at the time of the breach, regardless of whether the aggrieved party is aware of the breach. These changes aim to enhance the clarity and effectiveness of the legal framework governing letters of credit.

Statutes affected:
Introduced Version: 47-5115