§ 34-36.1-4.16 - Statute of limitations for warranties.
SECTION 34-36.1-4.16
§ 34-36.1-4.16 Statute of limitations forwarranties. – (a) A judicial proceeding for breach of any obligation arising under §34-36.1-4.13 or § 34-36.1-4.14 must be commenced within six (6) yearsafter the cause of action accrues, but the parties may agree to reduce theperiod of limitation to not less than two (2) years. With respect to a unitthat may be occupied for residential use, an agreement to reduce the period oflimitation must be evidenced by a separate instrument executed by the purchaser.
(b) Subject to subsection (c), a cause of action for breachof warranty of quality, regardless of the purchaser's lack of knowledge of thebreach, accrues:
(1) As to a unit, at the time the purchaser to whom thewarranty is first made enters into possession if a possessory interest wasconveyed or at the time of acceptance of the instrument of conveyance if anonpossessory interest was conveyed; and
(2) As to each common element, at the time the common elementis completed or, if later:
(i) As to a common element that may be added to thecondominium or portion thereof, at the time the first unit therein is conveyedto a bona fide purchaser, or
(ii) As to a common element within any other portion of thecondominium, at the time the first unit in the condominium is conveyed to abona fide purchaser.
(c) If a warranty of quality explicitly extends to futureperformance or duration of any improvement or component of the condominium, thecause of action accrues at the time the breach is discovered or at the end ofthe period for which the warranty explicitly extends, whichever is earlier.