§ 6A-2.1-506 - Statute of limitations.
SECTION 6A-2.1-506
§ 6A-2.1-506 Statute of limitations.– (1) An action for default under a lease contract, including breach of warrantyor indemnity, must be commenced within 4 years after the cause of actionaccrued. By the original lease contract the parties may reduce the period oflimitation to not less than one year.
(2) A cause of action for default accrues when the act oromission on which the default or breach of warranty is based is or should havebeen discovered by the aggrieved party, or when the default occurs, whicheveris later. A cause of action for indemnity accrues when the act or omission onwhich the claim for indemnity is based is or should have been discovered by theindemnified party, whichever is later.
(3) If an action commenced within the time limited bysubsection (1) is so terminated as to leave available a remedy by anotheraction for the same default or breach of warranty or indemnity, the otheraction may be commenced after the expiration of the time limited and within 6months after the termination of the first action unless the terminationresulted from voluntary discontinuance or from dismissal for failure or neglectto prosecute.
(4) This section does not alter the law on tolling of thestatute of limitations nor does it apply to causes of action that have accruedbefore this chapter becomes effective.