47-3118. 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:
1. 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
2. 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, the following actions must be commenced within three years after the cause of action accrues:
1. An action for conversion of an instrument, for money had and received, or like action based on conversion;
2. An action for breach of warranty; or
3. An action to enforce an obligation, duty or right arising under this chapter and not governed by this section.
Section: Previous 47-3111 47-3112 47-3113 47-3114 47-3115 47-3116 47-3117 47-3118 47-3119 47-3201 47-3202 47-3203 47-3204 47-3205 47-3206 NextLast modified: October 13, 2016