70A-3-118 - Statute of limitations.
70A-3-118. Statute of limitations.
(1) Except as provided in Subsection (5), an action to enforce the obligation of a party topay a note payable at a definite time must be commenced within six years after the due date ordates stated in the note or, if a due date is accelerated, within six years after the accelerated duedate.
(2) Except as provided in Subsection (4) or (5), if demand for payment is made to themaker of a note payable on demand, an action to enforce the obligation of a party to pay the notemust be commenced within six years after the demand. If no demand for payment is made to themaker, an action to enforce the note is barred if neither principal nor interest on the note has beenpaid for a continuous period of 10 years.
(3) Except as provided in Subsection (4), an action to enforce the obligation of a party toan unaccepted draft to pay the draft must be commenced within three years after dishonor of thedraft or 10 years after the date of the draft, whichever period expires first.
(4) An action to enforce the obligation of the acceptor of a certified check or the issuer ofa teller's check, cashier's check, or traveler's check must be commenced within three years afterdemand for payment is made to the acceptor or issuer, as the case may be.
(5) An action to enforce the obligation of a party to a certificate of deposit to pay theinstrument 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, thesix-year period begins when a demand for payment is in effect and the due date has passed.
(6) An action to enforce the obligation of a party to pay an accepted draft, other than acertified check, must be commenced within six years after the due date or dates stated in the draftor acceptance if the obligation of the acceptor is payable at a definite time, or within six yearsafter the date of the acceptance if the obligation of the acceptor is payable on demand.
(7) Unless governed by other law regarding claims for indemnity or contribution, anaction for conversion of an instrument, for money had and received, or like action based onconversion, for breach of warranty, or to enforce an obligation, duty, or right arising under thischapter and not governed by this section must be commenced within three years after the cause ofaction accrues.
Repealed and Re-enacted by Chapter 237, 1993 General Session