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Form a Business

Commencement of action.

MCL 440.5115
in effect
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440.5115. Commencement of action. Sec. 5115. 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 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. 1962, Act 174, Eff. Jan. 1, 1964; Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-440-5115Fetched: 10/20/2026

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