laurieed2002
New Member
- Jurisdiction
- Idaho
Hi,
I need help with interpretation of an Idaho Statute. It deals with commercial transactions - letters of credit and deals with the statute of limitations. I am going to copy and paste the statute to the bottom of this question (I tried uploading a word document .doc of the statute but the forum does not allow that extension). How I am interpreting the statute is that if I am a creditor, and I have a letter of credit with an individual, I have a year from when they stopped payment to seek legal remedy. So in other words if the debtor had a credit card for three years and paid on it as agreed and then on March 1, 2017 they missed payment, I have a year from the cause of action (the late payment) to sue for legal remedy; is this what everyone else sees?
TITLE 28
COMMERCIAL TRANSACTIONS
CHAPTER 5
UNIFORM COMMERCIAL CODE — LETTERS OF CREDIT
28-5-115. Statute of limitations. An action to enforce a right or obligation arising under this chapter must be commenced within one (1) year after the expiration date of the relevant letter of credit or one (1) 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.
History:
[28-5-115, added 1996, ch. 7, sec. 2, p. 17.]
I need help with interpretation of an Idaho Statute. It deals with commercial transactions - letters of credit and deals with the statute of limitations. I am going to copy and paste the statute to the bottom of this question (I tried uploading a word document .doc of the statute but the forum does not allow that extension). How I am interpreting the statute is that if I am a creditor, and I have a letter of credit with an individual, I have a year from when they stopped payment to seek legal remedy. So in other words if the debtor had a credit card for three years and paid on it as agreed and then on March 1, 2017 they missed payment, I have a year from the cause of action (the late payment) to sue for legal remedy; is this what everyone else sees?
TITLE 28
COMMERCIAL TRANSACTIONS
CHAPTER 5
UNIFORM COMMERCIAL CODE — LETTERS OF CREDIT
28-5-115. Statute of limitations. An action to enforce a right or obligation arising under this chapter must be commenced within one (1) year after the expiration date of the relevant letter of credit or one (1) 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.
History:
[28-5-115, added 1996, ch. 7, sec. 2, p. 17.]