N.Y. Uniform Commercial Code Law § 2-a-506: Statute of Limitations

Section 2-A-506. Statute of Limitations.

(1) An action for default under a lease contract, including breach of

warranty or indemnity, must be commenced within four years after the

cause of action accrued. In a lease contract that is not a consumer

lease, by the original lease contract the parties may reduce the period

of limitation to not less than one year.

(2) A cause of action for default accrues when the act or omission on

which the default or breach of warranty is based is or should have been

discovered by the aggrieved party, or when the default occurs, whichever

is later. A cause of action for indemnity accrues when the act or

omission on which the claim for indemnity is based is or should have

been discovered by the indemnified party, whichever is later.

(3) If an action commenced within the time limited by subsection (1)

is so terminated as to leave available a remedy by another action for

the same default or breach of warranty or indemnity, the other action

may be commenced after the expiration of the time limited and within six

months after the termination of the first action unless the termination

resulted from voluntary discontinuance or from dismissal for failure or

neglect to prosecute.

(4) This section does not alter the law on tolling of the statute of

limitations nor does it apply to causes of action that have accrued

before this Article becomes effective.