New York § 5-115 - 5-115Statute of limitations
Full text of New York New York Consolidated Laws § 5-115 — 5-115Statute of limitations, with citation guidance and answers to common questions.
§ 5-115. 5-115Statute of limitations
Section 5--115. Statute of limitations. An action to enforce a right or obligation arising under this article 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.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 5-115
What does New York Consolidated Laws § 5-115 cover?
Section 5-115 ("5-115Statute of limitations") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 5-115?
A common citation format is "New York Consolidated Laws § 5-115" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 5-115 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.