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Can you summarize NHRS 382-A:2A-506?
UNIFORM COMMERCIAL CODE > Statute of Limitations.
Short Summary
The provided legal document pertains to the statute of limitations for actions related to default under a lease contract, breach of warranty, or indemnity. According to the document, an action for default under a lease contract must be commenced within 4 years after the cause of action accrued, unless the parties have agreed to reduce the period of limitation to not less than one year. The cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. Similarly, the cause of action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party, whichever is later. If an action is terminated, leaving a remedy available for another action for the same default or breach of warranty or indemnity, the other action may be commenced within 6 months after the termination of the first action, unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute. It is important to note that this section does not alter the law on tolling of the statute of limitations and does not apply to causes of action that have accrued before this Article becomes effective.
Whom does it apply to?
Parties involved in lease contracts
What does it govern?
Statute of Limitations
What are exemptions?
Causes of action that have accrued before this Article becomes effective
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New Hampshire