N.Y. Uniform Commercial Code Law § 5-115: Statute of limitations

Section 5--115. Statute of limitations.

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

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.