AZ HB2092

Amends Arizona Revised Statutes Section 47-5115 regarding the statute of limitations for letters of credit.

Changes reference from "article" to "chapter" in the statute of limitations provision.

Establishes a one-year statute of limitations for actions to enforce rights or obligations arising under the chapter, measured from whichever is later: the expiration date of the relevant letter of credit or one year after the cause of action accrues.

Clarifies that a cause of action accrues when a breach occurs, regardless of whether the aggrieved party knew about the breach.