(810 ILCS 5/2A-506) (from Ch. 26, par. 2A-506)
Sec. 2A-506.
Statute of limitations.
(1) An action for default under a lease contract,
including breach of warranty or indemnity, must be commenced
within 4 years after the cause of action accrued. 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 6 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: P.A. 87-493.)
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