§ 250.90. Statutes of limitations for warranties.

(a) A judicial proceeding for breach of any obligation arising under sections 250.60 and 250.70 must be commenced within six (6) years after the cause of action accrues.

(b)

Subject to subsection (c) hereof, a cause of action under sections 250.60 and 250.70, regardless of the purchaser's lack of knowledge of the breach, accrues:

(1)

As to a unit, when the purchaser to whom the warranty is first made enters into possession if a possessory interest was conveyed or at the time of acceptance of the instrument of conveyance if a nonpossessory interest was conveyed; and

(2)

As to each common element, the later of (i) the time the common element is completed, and (ii) the time the first unit in the condominium is conveyed to a bona fide purchaser.

(c)

If a warranty under sections 250.60 and 250.70 explicitly extends to future performance or duration of any improvements or component of the condominium, the cause of action accrues at the time the breach is discovered or at the end of the period for which the warranty explicitly extends, whichever is earlier. (79-Or-209, § 1, 10-26-79)