AZ HB2250

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

Changes reference from "article" to "chapter" in the statute of limitations provision for actions arising under the letters of credit law.

Maintains the one-year limitation period for enforcement actions, measured from either the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever is later.

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