§490:3-118  Statute of limitations.  (a) 
Except as provided in subsection (e), 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), 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 ten years.



(c)  Except as provided in subsection (d), 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 ten
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 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. [L 1991, c 118, pt of §1]