Mich. Comp. Laws § 440.5115
Current through Public Act 171 of the 2024 Legislative Session
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.
MCL 440.5115