AZ HB2050

Amends Section 47-5115, Arizona Revised Statutes, which governs the statute of limitations for actions arising under letters of credit.

Changes the reference from "article" to "chapter" in the statute of limitations provision for technical correction purposes.

Establishes that actions to enforce rights or obligations under the 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.

Specifies that a cause of action accrues when the breach occurs, regardless of whether the aggrieved party has knowledge of the breach.