Bill > HB2872

This bill makes a technical correction to Arizona law by changing the reference from "article" to "chapter" in the statute of limitations for actions related to letters of credit, which are financial instruments that guarantee payment under specific conditions. This amendment clarifies that the one-year time limit to enforce rights or obligations concerning a letter of credit begins either after the letter of credit expires or when a breach of the agreement occurs, whichever is later, and that a breach is considered to have happened as soon as it occurs, even if the affected party is unaware of it at the time.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/84708