Can you summarize NVRS 104.5115?

Short Summary

An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the relevant letter of credit or 1 year after the claim for relief accrues, whichever occurs later. A claim for relief accrues when the breach occurs, regardless of the aggrieved partys lack of knowledge of the breach. (Added to NRS by 1997, 358)

Jurisdiction

Nevada

Source

• Banking