Arizona HB2872 amends the statute of limitations for actions related to letters of credit.

Arizona HB2872 makes a technical correction to the statute of limitations for actions related to letters of credit. The bill specifies that an action to enforce a right or obligation 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.

Arizona HB2872 amends the statute of limitations for actions related to letters of credit.

Arizona HB2872 makes a technical correction to the statute of limitations for actions related to letters of credit. The bill specifies that an action to enforce a right or obligation 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.