§ 6A-3-118 - Statute of limitations.
SECTION 6A-3-118
§ 6A-3-118 Statute of limitations. –(a) Except as provided in subsection (e), an action to enforce the obligationof a party to pay a note payable at a definite time must be commenced withinsix years after the due date or dates stated in the note or, if a due date isaccelerated, within six years after the accelerated due date.
(b) Except as provided in subsection (d) or (e), if demandfor payment is made to the maker of a note payable on demand, an action toenforce the obligation of a party to pay the note must be commenced within sixyears after the demand. If no demand for payment is made to the maker, anaction to enforce the note is barred if neither principal nor interest on thenote has been paid for a continuous period of 10 years.
(c) Except as provided in subsection (d), an action toenforce the obligation of a party to an unaccepted draft to pay the draft mustbe commenced within three years after dishonor of the draft or 10 years afterthe date of the draft, whichever period expires first.
(d) An action to enforce the obligation of the acceptor of acertified check or the issuer of a teller's check, cashier's check, ortraveler's check must be commenced within three years after demand for paymentis made to the acceptor or issuer, as the case may be.
(e) An action to enforce the obligation of a party to acertificate of deposit to pay the instrument must be commenced within six yearsafter demand for payment is made to the maker, but if the instrument states adue date and the maker is not required to pay before that date, the six-yearperiod begins when a demand for payment is in effect and the due date haspassed.
(f) An action to enforce the obligation of a party to pay anaccepted draft, other than a certified check, must be commenced (i) within sixyears after the due date or dates stated in the draft or acceptance if theobligation of the acceptor is payable at a definite time, or (ii) within sixyears after the date of the acceptance if the obligation of the acceptor ispayable on demand.
(g) Unless governed by other law regarding claims forindemnity or contribution, an action (i) for conversion of an instrument, formoney had and received, or like action based on conversion, (ii) for breach ofwarranty, or (iii) to enforce an obligation, duty, or right arising under thischapter and not governed by this section must be commenced within three yearsafter the cause of action accrues.