An action to enforce an obligation, duty or right arising under this article must be commenced within three years after the cause of action accrues.

OFFICIAL COMMENTS

1. UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
2. This section conforms to the period of limitations set by Section 3-118(g) [55-3-118 NMSA 1978] for actions for breach of warranty and to enforce other obligations, duties or rights arising under Article 3. Bracketing "cause of action" recognizes that some states use a different term, such as "claim for relief."

History: 1978 Comp., § 55-4-111, enacted by Laws 1992, ch. 114, § 166.

ANNOTATIONS

Effective dates. — Laws 1992, ch. 114, § 238 made the act effective July 1, 1992.

Cross references. — For limitations of actions for obligations of party to pay note payable at definite time, see 55-3-118 NMSA 1978.

For limitations of actions generally, see 37-1-1 NMSA 1978 et seq.

For limitations of actions for contracts, see 37-1-23 NMSA 1978.