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.