N.Y. Uniform Commercial Code Law Section 2-A-506
Statute of Limitations

Section 2-A-506. Statute of Limitations.

(1)

An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four years after the cause of action accrued. In a lease contract that is not a consumer lease, by the original lease contract the parties may reduce the period of limitation to not less than one year.

(2)

A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. A cause of action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party, whichever is later.

(3)

If an action commenced within the time limited by subsection (1) is so terminated as to leave available a remedy by another action for the same default or breach of warranty or indemnity, the other action may be commenced after the expiration of the time limited and within six months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute.

(4)

This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action that have accrued before this Article becomes effective.

Source: Section 2-A-506 — Statute of Limitations, https://www.­nysenate.­gov/legislation/laws/UCC/2-A-506 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

2‑A‑501
Default: Procedure 2‑A‑502
Notice After Default 2‑A‑503
Modification or Impairment of Rights and Remedies 2‑A‑504
Liquidation of Damages 2‑A‑505
Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies 2‑A‑506
Statute of Limitations 2‑A‑507
Proof of Market Rent: Time and Place 2‑A‑508
Lessee’s Remedies 2‑A‑509
Lessee’s Rights on Improper Delivery: Rightful Rejection 2‑A‑510
Installment Lease Contracts: Rejection and Default 2‑A‑511
Merchant Lessee’s Duties as to Rightfully Rejected Goods 2‑A‑512
Lessee’s Duties as to Rightfully Rejected Goods 2‑A‑513
Cure by Lessor of Improper Tender or Delivery 2‑A‑514
Waiver of Lessee’s Objections 2‑A‑515
Acceptance of Goods 2‑A‑516
Effect of Acceptance of Goods 2‑A‑517
Revocation of Acceptance of Goods 2‑A‑518
Cover 2‑A‑519
Lessee’s Damages for Non-delivery, Repudiation, Default, and Breach of Warranty in Regard to Accepted Goods 2‑A‑520
Lessee’s Incidental and Consequential Damages 2‑A‑521
Lessee’s Right to Specific Performance or Replevin 2‑A‑522
Lessee’s Right to Goods on Lessor’s Insolvency 2‑A‑523
Lessor’s Remedies 2‑A‑524
Lessor’s Right to Identify Goods to Lease Contract 2‑A‑525
Lessor’s Right to Possession of Goods 2‑A‑526
Lessor’s Stoppage of Delivery in Transit or Otherwise 2‑A‑527
Lessor’s Rights to Dispose of Goods 2‑A‑528
Lessor’s Damages for Non-acceptance, Failure to Pay, Repudiation, or Other Default 2‑A‑529
Lessor’s Action for the Rent 2‑A‑530
Lessor’s Incidental Damages 2‑A‑531
Standing to Sue Third Parties for Injury to Goods 2‑A‑532
Lessor’s Rights to Residual Interest
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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 2-A-506’s source at nysenate​.gov

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