KRS 355.5-115: Statute of limitations.

An action to enforce a right or obligation arising under this article must be commenced

within one (1) year after the expiration date of the relevant letter of credit or one (1) year

after the claim for relief accrues, whichever occurs later. A claim for r elief accrues when

the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.