§ 3—118. Statute of limitations
(a) Except as provided in subsection (e) of this section, an action to enforce the obligation
of a party to pay a note payable at a definite time must be commenced within six years
after the due date or dates stated in the note or, if a due date is accelerated, within
six years after the accelerated due date.
(b) Except as provided in subsection (d) or (e) of this section, if demand for payment
is made to the maker of a note payable on demand, an action to enforce the obligation
of a party to pay the note must be commenced within six years after the demand. If
no demand for payment is made to the maker, an action to enforce the note is barred
if neither principal nor interest on the note has been paid for a continuous period
of 10 years.
(c) Except as provided in subsection (d) of this section, an action to enforce the obligation
of a party to an unaccepted draft to pay the draft must be commenced within three
years after dishonor of the draft or 10 years after the date of the draft, whichever
period expires first.
(d) An action to enforce the obligation of the acceptor of a certified check or the issuer
of a teller’s check, cashier’s check, or traveler’s check must be commenced within
three years after demand for payment is made to the acceptor or issuer, as the case
may be.
(e) An action to enforce the obligation of a party to a certificate of deposit to pay
the instrument must be commenced within six years after demand for payment is made
to the maker, but if the instrument states a due date and the maker is not required
to pay before that date, the six-year period begins when a demand for payment is in
effect and the due date has passed.
(f) An action to enforce the obligation of a party to pay an accepted draft, other than
a certified check, must be commenced (i) within six years after the due date or dates
stated in the draft or acceptance if the obligation of the acceptor is payable at
a definite time, or (ii) within six years after the date of the acceptance if the
obligation of the acceptor is payable on demand.
(g) Unless governed by other law regarding claims for indemnity or contribution, an action
(i) for conversion of an instrument, for money had and received, or like action based
on conversion, (ii) for breach of warranty, or (iii) to enforce an obligation, duty,
or right arising under this article and not governed by this section must be commenced
within three years after the [cause of action] accrues. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)