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AZ HB2872

Bill

Official Source

Status

Introduced

2/19/2026

Primary Sponsor

Jeff Weninger

Click for details

Origin

House of Representatives

Fifty-seventh Legislature - Second Regular Session (2026)

AI Summary

  • Corrects a technical error in Arizona's Uniform Commercial Code by changing the word "article" to "chapter" in the statute of limitations provision for letters of credit (Section 47-5115)
  • Maintains the existing one-year statute of limitations for enforcing rights or obligations under the letters of credit chapter
  • The limitations period runs from either the letter of credit expiration date or when the cause of action accrues, whichever is later
  • Clarifies that a cause of action accrues when a breach occurs, regardless of whether the aggrieved party knew about the breach

Legislative Description

Technical correction; statute of limitations

Last Action

House read second time

2/23/2026

Committee Referrals

Rules2/19/2026
Appropriations2/19/2026

Full Bill Text

No bill text available