The second cause of action, for breach of the investor bond agreement, was for indemnification, and thus the statute of limitations only began to run when plaintiff made payment to the secured party ( see McDermott v. City of New York, 50 NY2d 211). The defense of laches is unavailable in an action at law commenced within the period of limitation ( see Republic Ins. Co. v. Real Dev. Co., 161 AD2d 189, 190). By contrast, the statute of limitations on the first cause of action, for breach of the obligations of the notes, began to run in 1984 when defendant first defaulted, and that cause is thus time-barred.
We have reviewed defendant's remaining contentions and find them without merit.