Bill Text: AZ HB2050 | 2011 | Fiftieth Legislature 1st Regular | Introduced

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Bill Title: Technical correction; statute of limitations

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2011-02-17 - House TRANS Committee action: Discussed and Held [HB2050 Detail]

Download: Arizona-2011-HB2050-Introduced.html

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PREFILED    JAN 07 2011

REFERENCE TITLE: technical correction; statute of limitations

 

 

 

State of Arizona

House of Representatives

Fiftieth Legislature

First Regular Session

2011

 

 

HB 2050

 

Introduced by

Representative Seel

 

 

AN ACT

 

amending section 47-5115, Arizona Revised Statutes; relating to letters of credit.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 47-5115, Arizona Revised Statutes, is amended to read:

START_STATUTE47-5115.  Statute of limitations

An action to enforce a right or obligation arising under this article chapter 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.END_STATUTE