Statute of Limitations
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Statutes
The Uniform Commercial Code as adopted in the State of Mississippi provides that there is a four year statute of limitations for default under a lease contract, including breach of warranty or indemnity. The parties may reduce that period within the liease to no less than 1 year. Miss. Code ยง75-2A-506.
Cases
Comments
It should be noted that 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 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.
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Jennifer Evans, Esq.
The statutory information was edited and reviewed with the support of MultiState
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